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Institutional variety and the future of economics

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  • Smita Srinivas

    (Open University
    National Centre for Biological Sciences (NCBS))

Abstract

Economics depends heavily on assumptions made about the phenomenon of institutional variety and its implications for technological capabilities in economic development. This article contributes to new ways of thinking of institutional variety in order to advance scientific argument within the broad tradition of evolutionary political economy (EPE). First, it draws on the Nyāya (Hindu) systems of logic and reasoning about inference and judgement which can potentially reveal inter-and intra-paradigmatic differences for EPE and economics. Second, it uses four brief illustrative cases from the author’s development research on technological learning and innovation to argue for more explicit and systematic treatment of inference and judgement about institutional variety. Implications for the future of economics are briefly discussed.

Suggested Citation

  • Smita Srinivas, 2020. "Institutional variety and the future of economics," Review of Evolutionary Political Economy, Springer, vol. 1(1), pages 13-35, May.
    • Handle: RePEc:spr:revepe:v:1:y:2020:i:1:d:10.1007_s43253-020-00010-7
    DOI: 10.1007/s43253-020-00010-7
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    References listed on IDEAS

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    Cited by:

    1. Smita Srinivas, 2023. "India and ‘European’ evolutionary political economy," Review of Evolutionary Political Economy, Springer, vol. 4(2), pages 415-443, July.
    2. Chakravarty, Sanghamitra, 2022. "Resource constrained innovation in a technology intensive sector: Frugal medical devices from manufacturing firms in South Africa," Technovation, Elsevier, vol. 112(C).
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    4. Verónica Robert & Gabriel Yoguel, 2022. "Exploration of trending concepts in innovation policy," Review of Evolutionary Political Economy, Springer, vol. 3(2), pages 259-292, July.
    5. Smita Srinivas, 2023. "When is industry ‘sustainable’? The economics of institutional variety in a pandemic," Review of Evolutionary Political Economy, Springer, vol. 4(1), pages 75-107, April.

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