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Evolutionary Concepts in Economics

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Author Info
Ulrich Witt (University of Freiburg)

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Abstract

Endogenous change in the economy is caused by innovative activities of the economic agents. The paper discusses how hypotheses on innovative activities which account for the epistemological problems implied by novelty can be developed. Considerations relating to these problems suggest population thinking, a typical attitude of theories dealing with evolution. Two generic features resulting from such a perspective, frequency-dependency and selection effect, are explored together with their common ground in the notion of replicator dynamics. The paper concludes with a reappraisal of classical notions of competition, the coordinating power of markets and long-run tendencies in the economy.

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File URL: http://college.holycross.edu/eej/Volume18/V18N4P405_419.pdf
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Publisher Info
Article provided by Eastern Economic Association in its journal Eastern Economic Journal.

Volume (Year): 18 (1992)
Issue (Month): 4 (Fall)
Pages: 405-419
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Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:405-419

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Related research
Keywords: Epistemological; Evolution; Evolutionary;

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Find related papers by JEL classification:
B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Granovetter, Mark & Soong, Roland, 1986. "Threshold models of interpersonal effects in consumer demand," Journal of Economic Behavior & Organization, Elsevier, vol. 7(1), pages 83-99, March. [Downloadable!] (restricted)
  2. U. Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  3. Brian Arthur, W. & Ermoliev, Yu. M. & Kaniovski, Yu. M., 1987. "Path-dependent processes and the emergence of macro-structure," European Journal of Operational Research, Elsevier, vol. 30(3), pages 294-303, June. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Klaus Reiner Schenk-Hoppé, . "Random Dynamical Systems in Economics," IEW - Working Papers iewwp067, Institute for Empirical Research in Economics - IEW. [Downloadable!]
  2. Jack Vromen, 2007. "Generalized Darwinism in Evolutionary Economics: The Devil is in the Details," Papers on Economics and Evolution 2007-11, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
  3. zhao, liang & zhu, xian chen, 2007. "A Discussion on Empirical Micro-Bases of Hayek’s Methodological Individualism," MPRA Paper 3862, University Library of Munich, Germany. [Downloadable!]
  4. Erik Stam, 2006. "A Process Model of Locational Change in Entrepreneurial Firms: An Evolutionary Perspective," Papers in Evolutionary Economic Geography (PEEG) 0604, Utrecht University, Section of Economic Geography, revised Mar 2006. [Downloadable!]
    Other versions:
  5. Jeroen van den Bergh & John Gowdy, 2000. "Evolutionary Theories in Environmental and Resource Economics: Approaches and Applications," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 17(1), pages 37-57, September. [Downloadable!] (restricted)
  6. Rizzello Salvatore, 2002. "Mind and choice in economics," CESMEP Working Papers 200206, University of Turin. [Downloadable!]
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This page was last updated on 2009-12-13.

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