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General selection theory and economic evolution: The Price equation and the replicator/interactor distinction

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  • Thorbj�rn Knudsen
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    Abstract

    The purpose of the present article is to strengthen the conceptualisation of the principle of selection in theories of economic evolution and to help clarify a number of unsettled issues regarding the meaning of variety and continuity. In order to achieve this, the emerging general mathematical selection theory is introduced to identify the requirements of a general principle of selection and the specification of variety and continuity that follows from it. It is indicated how general selection theory can help advance evolutionary theories of economic change by clarifying the meaning of selection, and the possible role of habits and routines in economic selection.

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    File URL: http://www.tandfonline.com/doi/abs/10.1080/13501780410001694109
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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.

    Volume (Year): 11 (2004)
    Issue (Month): 2 ()
    Pages: 147-173

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    Handle: RePEc:taf:jecmet:v:11:y:2004:i:2:p:147-173

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    Web page: http://www.tandfonline.com/RJEC20

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    Related research

    Keywords: economic evolution; general selection theory; replicator/interactor; routine/social role;

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    Cited by:
    1. Hodgson, Geoffrey M. & Knudsen, Thorbjorn, 2006. "Why we need a generalized Darwinism, and why generalized Darwinism is not enough," Journal of Economic Behavior & Organization, Elsevier, vol. 61(1), pages 1-19, September.
    2. Geoffrey Hodgson & Thorbjørn Knudsen, 2006. "The nature and units of social selection," Journal of Evolutionary Economics, Springer, vol. 16(5), pages 477-489, December.
    3. Esben Sloth Andersen & Jacob Rubæk Holm, 2013. "Directional, stabilizing and disruptive selection: An analysis of aspects of economic evolution based on Price’s equation," DRUID Working Papers 13-10, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies.
    4. J. Stan Metcalfe & John Foster, 2009. "Evolutionary Growth Theory," Discussion Papers Series 388, School of Economics, University of Queensland, Australia.
    5. Geoffrey Hodgson & Thorbjørn Knudsen, 2008. "In search of general evolutionary principles: Why Darwinism is too important to be left to the biologists," Journal of Bioeconomics, Springer, vol. 10(1), pages 51-69, April.
    6. John Stanley Metcalfe & Ronnie Ramlogan, 2006. "Creative Destruction and the Measurement of Productivity Change," Revue de l'OFCE, Presses de Sciences-Po, vol. 97(5), pages 373-397.
    7. J.S Metcalfe, 2004. "Accounting for Evolution: An Assessment of the Population Method," Papers on Economics and Evolution 2004-21, Max Planck Institute of Economics, Evolutionary Economics Group.
    8. John Metcalfe, 2008. "Accounting for economic evolution: Fitness and the population method," Journal of Bioeconomics, Springer, vol. 10(1), pages 23-49, April.

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    1. Price equation in Wikipedia (English)

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