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A Common Framework for Evolutionary and Institutional Economics

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  • Jing Chen
  • James K. Galbraith

Abstract

We present a common analytical framework for evolutionary and institutional economics, conceived as the study of systems that do not tend toward, nor necessarily fluctuate around, a steady state. Using an evolutionary equation, we derive an analytical theory of the relation between resource abundance and the rate of return available under differing institutional structures. We suggest that the recent political and financial turmoil around the world reflects incompatibilities between existing institutional structures and the increasing scarcity of resources. We apply this idea to the most fundamental determinant of any society's prosperity, profitability and even long-term survival, namely its fertility and rate of population growth.

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Bibliographic Info

Article provided by M.E. Sharpe, Inc. in its journal Journal of Economic Issues.

Volume (Year): 46 (2012)
Issue (Month): 2 (June)
Pages: 419-428

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Handle: RePEc:mes:jeciss:v:46:y:2012:i:2:p:419-428

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Web page: http://www.mesharpe.com/mall/results1.asp?acr=jei

Related research

Keywords: evolution; institutions; non-equilibrium theory; resource;

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Cited by:
  1. Chen, Jing, 2012. "The nature of discounting," Structural Change and Economic Dynamics, Elsevier, Elsevier, vol. 23(3), pages 313-324.

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