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Theories of Economic Evolution: A Preliminary Taxonomy

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  • Hodgson, Geoffrey M

Abstract

A number of recent theoretical works in economics are described as 'evolutionary' in approach, yet the term is often used in an imprecise way without close attention to the biological analogue. In this essay, a preliminary taxonomy of evolutionary economic theory is proposed. Illustrative cases are briefly discussed, citing the works of Smith, Malthus, Marx, Hobson, Marshall, Veblen, Schumpeter, Hayek, Nelson, and Winter. It is argued that the analogy with biological evolution has to be employed with more precision if there is to be a more rigorous and fruitful approach to evolutionary theory and modeling in economics. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester

Suggested Citation

  • Hodgson, Geoffrey M, 1993. "Theories of Economic Evolution: A Preliminary Taxonomy," The Manchester School of Economic & Social Studies, University of Manchester, vol. 61(2), pages 125-143, June.
  • Handle: RePEc:bla:manch2:v:61:y:1993:i:2:p:125-43
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    Cited by:

    1. Dang, Ai-Thu & Mangolte, Pierre-André, 2002. "Endogénéisation des règles sociales et évolutionnisme culturel chez Friedrich A. Hayek," L'Actualité Economique, Société Canadienne de Science Economique, vol. 78(3), pages 321-345, Septembre.
    2. Dodd, Nigel, 2000. "Economic sociology in the UK," economic sociology_the european electronic newsletter, Max Planck Institute for the Study of Societies, vol. 2(1), pages 3-12.
    3. David Dequech, 2008. "Varieties of uncertainty: a survey of the economic literature," Anais do XXXVI Encontro Nacional de Economia [Proceedings of the 36th Brazilian Economics Meeting] 200807211223070, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    4. Tasso Brandt & Torben Schubert, 2014. "Is the university model an organizational necessity? Scale and agglomeration effects in science," Chapters,in: Knowledge, Diversity and Performance in European Higher Education, chapter 8, pages iii-iii Edward Elgar Publishing.
    5. Rahmeyer Fritz, 2013. "Schumpeter, Marshall, and Neo-Schumpeterian Evolutionary Economics: A Critical Stocktaking," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), De Gruyter, vol. 233(1), pages 39-64, February.
    6. Chaumont-Chancelier Frederique, 1999. "Hayek's Complexity," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(4), pages 1-22, December.
    7. Shaun P. Hargreaves Heap, 2001. "Methodology now!," Journal of Economic Methodology, Taylor & Francis Journals, vol. 7(1), pages 95-108.
    8. repec:spr:scient:v:94:y:2013:i:2:d:10.1007_s11192-012-0834-2 is not listed on IDEAS
    9. J. Stan Metcalfe, 1995. "The Design of Order. Notes on Evolutionary Principles and the Dynamics of Innovation," Revue Économique, Programme National Persée, vol. 46(6), pages 1561-1583.
    10. Richard Arena, 2017. "Schumpeter and Schumpeterians on competition: some policy implications," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 161-186, January.
    11. Alain Leroux, 1997. "L'évolutionnisme de Friedrich Hayek. Une double controverse révélatrice d'une double illusion," Revue Économique, Programme National Persée, vol. 48(3), pages 751-760.
    12. Martin Raiser, 1997. "Destruction, diversity, dialogue: Notes on the ethics of development," Journal of International Development, John Wiley & Sons, Ltd., vol. 9(1), pages 39-57.
    13. Chaumont-Chancelier Frédérique, 1999. "Hayek's Complexity," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 9(4), pages 1-24, December.
    14. Helden, G. Jan van & Meer-Kooistra, Jeltje van der & Scapens, Robert W., 1999. "Coordination of internal transactions at Hoogovens Steel," Research Report 99A16, University of Groningen, Research Institute SOM (Systems, Organisations and Management).

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