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Theorie und Empirie aus evolutionsökonomischer Sicht Theory and Empirical Facts in the Perspective of Evolutionary Economics

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  • Ulrich Fehl

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    (Philipps-Universität Marburg)

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    Abstract

    According to Colander, modern economics is economics of the model. Models have to be testable, in order to get a "theory with measurement". This procedure was recently criticized vehemently by Blaug maintaining that there is only little empirical progress in the economics of today. He makes the case for evolutionary economics because the latter is considering especially entrepreneurship and innovations, topics which are neglected by economists constructing and testing models. The reason for this is, as G.M. Hodgson tells us: "By its nature, novelty defies the boundary of formalism." Evolutionary economics stressing competition and market processes focuses on innovations and institutions, but its method - because of the involved complex relations - is not confined to simple testable models. This raises the question how theory is confronted with empirical facts in evolutionary economics. Taking into consideration that evolutionary economics has a preference for "pattern predictions" in the sense of von Hayek the author pleads for a plurality of empirical methods. The important role of the search for "invariant factors" in this context is analyzed, too.

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    Bibliographic Info

    Article provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.

    Volume (Year): 224 (2004)
    Issue (Month): 1-2 (February)
    Pages: 1-16

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    Handle: RePEc:jns:jbstat:v:224:y:2004:i:1-2:p:1-16

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    Related research

    Keywords: Evolutionary economics; testability of economic models; pattern predictions; empirical facts; equilibrium versus disequilibrium;

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    1. Gort, Michael & Klepper, Steven, 1982. "Time Paths in the Diffusion of Product Innovations," Economic Journal, Royal Economic Society, vol. 92(367), pages 630-53, September.
    2. David Colander, 2002. "The Death of Neoclassical Economics," Middlebury College Working Paper Series 0237, Middlebury College, Department of Economics.
    3. Koch, Lambert, 1996. "Evolutorische Wirtschaftspolitik," Untersuchungen zur Ordnungstheorie und Ordnungspolitik, Mohr Siebeck, Tübingen;Walter Eucken Institut, Freiburg, Germany, edition 1, volume 33, number urn:isbn:9783161465550.
    4. Gerhard Wegner, 1997. "Economic Policy From an Evolutionary Perspective: A New Approach," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 153(3), pages 485-, September.
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