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Evolutionary Political Economy in Crisis Mode

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  • Hardy Hanappi

    ()
    (University of Technology of Vienna)

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    Abstract

    This paper sets out to discuss recent economic developments from a twofold perspective. Both spotlights focus on the special role played by the current deep global crisis. The first line of argument centers on the history of economic ideas and shows how evolutionary economics has emerged as a promising alternative to mainstream neoclassical thought as well as to traditional Keynesian macroeconomics. The failure of standard macroeconomics to inform economic policy in the current situation shows that arguments of evolutionary political economists – from Malthus via Schumpeter to contemporary scholars – can and should substitute these inadequate models. The second part of the paper takes the argument for evolutionary political economy to a methodological level: The deep crisis of economic theory is necessarily also a crisis of the methodological apparatus used. Though evolutionary economics does not provide a welldefined alternative set of methods yet, it nevertheless seems to be the best foundation to build such a new combination, a methodological innovation, out of some of the most recent advances in formalization. These latter elements are briefly sketched.

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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): 234 (2014)
    Issue (Month): 2-3 (April)
    Pages: 422-440

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    Handle: RePEc:jns:jbstat:v:234:y:2014:i:2-3:p:422-440

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    Related research

    Keywords: Political economy; evolutionary methodology;

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    References

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    1. Samuelson, Larry, 2001. "Introduction to the Evolution of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 225-230, April.
    2. Georgy Levit & Uwe Hossfeld & Ulrich Witt, 2011. "Can Darwinism be “Generalized” and of what use would this be?," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 545-562, October.
    3. Gerald Silverberg & Bart Verspagen, 2002. "A Percolation Model of Innovation in Complex Technology Spaces," Computing in Economics and Finance 2002 24, Society for Computational Economics.
    4. Ulrich Witt, 2003. "Economic policy making in evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 77-94, 04.
    5. Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010. "Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1748-1767, September.
    6. Philip Arestis & Malcolm Sawyer, 2003. "Reinventing fiscal policy," Journal of Post Keynesian Economics, M.E. Sharpe, Inc., vol. 26(1), pages 3-25, October.
    7. Witt, Ulrich, 1997. "The Hayekian Puzzle: Spontaneous Order and the Business Cycle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(1), pages 44-58, February.
    8. Giovanni Dosi, 2012. "Economic Coordination and Dynamics: Some Elements of an Alternative "Evolutionary" Paradigm," LEM Papers Series 2012/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
    9. Ulrich Witt, 2008. "What is specific about evolutionary economics?," Journal of Evolutionary Economics, Springer, vol. 18(5), pages 547-575, October.
    10. W. Brian Arthur, 2013. "Complexity Economics: A Different Framework for Economic Thought," INET Research Notes 33, Institute for New Economic Thinking (INET).
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