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A perspective on the evolution of evolutionary economics

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  • Richard R Nelson

Abstract

Modern evolutionary economics has come a long way from its beginnings in the writings of a few economists in the 1970s and 1980s. To a considerable extent, its evolution has been the result of the findings of empirical research, much but not all of it motivated by an explicit or implicit evolutionary perspective, which has fed back to modify and enrich the way evolutionary economists view the way modern economies work. This article focuses on developments that have broadened and sharpened the evolutionary perspective on the capabilities and behavior of firms, the processes and institutions involved in technological progress, and competition and dynamics in industries where technological opportunities are expanding. In the course of these developments, the conception of what it means to propose that a dynamic process is evolutionary has evolved. The article considers, as well, where evolutionary economics might be going from where it is now.

Suggested Citation

  • Richard R Nelson, 2020. "A perspective on the evolution of evolutionary economics," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 29(5), pages 1101-1118.
    • Handle: RePEc:oup:indcch:v:29:y:2020:i:5:p:1101-1118.
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    File URL: http://hdl.handle.net/10.1093/icc/dtaa045
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    Cited by:

    1. Pietro Moncada-Paternò-Castello, 2022. "Top R&D investors, structural change and the R&D growth performance of young and old firms," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 12(1), pages 1-33, March.
    2. Costa, Rodrigo Morem da & Horn, Carlos Henrique, 2021. "The co-evolution of technology and employment relations: Institutions, innovation and change," Structural Change and Economic Dynamics, Elsevier, vol. 58(C), pages 313-324.
    3. Beniamino Callegari & Christophe Feder, 2022. "The long-term economic effects of pandemics: toward an evolutionary approach [Epidemics and trust: the case of the Spanish flu]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 31(3), pages 715-735.
    4. Henning Schwardt, 2022. "Technology and social rules and norms in neo-Schumpeterian economics and in original institutional economics," PSL Quarterly Review, Economia civile, vol. 75(303), pages 385-401.
    5. Foster, John, 2021. "In search of a suitable heuristic for evolutionary economics: from generalized Darwinism to economic self-organisation," MPRA Paper 106146, University Library of Munich, Germany.
    6. Martin Ron & Sunley Peter, 2022. "Making history matter more in evolutionary economic geography," ZFW – Advances in Economic Geography, De Gruyter, vol. 66(2), pages 65-80, July.

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