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The Proper Interpretation of 'Evolution' in Economics and the Example of Production Theory

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  • U. Witt

Abstract

How relevant is the notion of evolution for economics? In view of the paradigmatic influence of Darwinian thought, several recently advocated interpretations are discussed first which rely on Darwinian concepts. As an alternative, a notion of evolution is suggested that is based on a few, abstract, common principles which all domain-specific evolutionary processes share, including those in the economy. A different, ontological question is whether and, if so, how the various domain-specific evolutionary processes are connected. As an answer, an evolutionary continuity hypothesis is postulated and its concrete economic implications are discussed exemplarily for the theory of production.

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Bibliographic Info

Paper provided by Philipps University Marburg, Department of Geography in its series Papers on Economics and Evolution with number 2003-05.

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Date of creation: May 2003
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Handle: RePEc:esi:evopap:2003-05

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Related research

Keywords: analogies; evolution; evolutionary economics; factors of production; increasing returns; knowledge; novelty; selection metaphor; sociobiology; Universal Darwinism; production theory;

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Cited by:
  1. U. Witt, 2005. "Firms as Realizations of Entrepreneurial Visions," Papers on Economics and Evolution 2005-10, Max Planck Institute of Economics, Evolutionary Economics Group.

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