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Chris Freeman's concept of evolution–A critique of the misuse of biological analogies in macroeconomics

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  • Louçã, Francisco
  • Cabral, Ricardo

Abstract

On the occasion of the centenary of the birth of Chris Freeman, this paper presents an overview and analyzes his concept of economic evolution and his other contributions to the field of economics. Chris Freeman was one of the leading economists in the field of evolutionary economics during the second half of the twentieth century. Together with Richard Nelson and Sidney Winter, as well as a number of other scholars, he contributed to establishing and developing a research program which extends from opening the black box of innovation through to the macroeconomic implications of long-term changes in the economy, technology and social organization. Additionally, Freeman suggested a new macroeconomic foundation for microeconomics – the unfinished legacy of our science. The chapter investigates how these foundations were developed as a critical view of inadequate metaphors from biology.

Suggested Citation

  • Louçã, Francisco & Cabral, Ricardo, 2021. "Chris Freeman's concept of evolution–A critique of the misuse of biological analogies in macroeconomics," Research Policy, Elsevier, vol. 50(9).
    • Handle: RePEc:eee:respol:v:50:y:2021:i:9:s0048733321001232
    DOI: 10.1016/j.respol.2021.104322
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    References listed on IDEAS

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    1. Francisco Louçã, 2020. "Chris Freeman forging the evolution of evolutionary economics [Time scales and mechanisms of economic cycles: a review of theories of long waves]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 29(4), pages 1037-1046.
    2. Francisco Louçã, 2021. "As time went by - why is the long wave so long?," Journal of Evolutionary Economics, Springer, vol. 31(3), pages 749-771, July.
    3. Freeman, Chris, 2002. "Continental, national and sub-national innovation systems--complementarity and economic growth," Research Policy, Elsevier, vol. 31(2), pages 191-211, February.
    4. Freeman, Chris, 1995. "The 'National System of Innovation' in Historical Perspective," Cambridge Journal of Economics, Oxford University Press, vol. 19(1), pages 5-24, February.
    5. Veblen, Thorstein, 1898. "Why Economics is not an Evolutionary Science," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 12.
    6. Fagerberg, Jan & Fosaas, Morten & Bell, Martin & Martin, Ben R., 2011. "Christopher Freeman: social science entrepreneur," Research Policy, Elsevier, vol. 40(7), pages 897-916, September.
    7. Armen A. Alchian, 1950. "Uncertainty, Evolution, and Economic Theory," Journal of Political Economy, University of Chicago Press, vol. 58, pages 211-211.
    8. Joseph E. Stiglitz, 2000. "The Contributions of the Economics of Information to Twentieth Century Economics," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 115(4), pages 1441-1478.
    9. Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056, Decembrie.
    10. Sidney G. Winter, 2016. "The place of entrepreneurship in “The Economics that Might Have Been”," Small Business Economics, Springer, vol. 47(1), pages 15-34, June.
    11. Loasby, Brian J., 2002. "The evolution of knowledge: beyond the biological model," Research Policy, Elsevier, vol. 31(8-9), pages 1227-1239, December.
    12. Freeman, Chris, 1994. "The Economics of Technical Change," Cambridge Journal of Economics, Oxford University Press, vol. 18(5), pages 463-514, October.
    13. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
    14. Carlota Perez, 2002. "Technological Revolutions and Financial Capital," Books, Edward Elgar Publishing, number 2640.
    15. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262061953, December.
    16. Thorstein Veblen, 1898. "Why is Economics Not an Evolutionary Science?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 12(4), pages 373-397.
    17. Christopher Freeman, 1991. "Innovation, Changes of Techno-Economic Paradigm and Biological Analogies in Economics," Revue Économique, Programme National Persée, vol. 42(2), pages 211-232.
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    More about this item

    Keywords

    Evolutionary economics; Christopher Freeman; Darwinism; Lamarck; Selection; JEL: B25; B52; O33;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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