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Evolutionary Concepts in Economics

Author

Listed:
  • Ulrich Witt

    (University of Freiburg)

Abstract

Endogenous change in the economy is caused by innovative activities of the economic agents. The paper discusses how hypotheses on innovative activities which account for the epistemological problems implied by novelty can be developed. Considerations relating to these problems suggest population thinking, a typical attitude of theories dealing with evolution. Two generic features resulting from such a perspective, frequency-dependency and selection effect, are explored together with their common ground in the notion of replicator dynamics. The paper concludes with a reappraisal of classical notions of competition, the coordinating power of markets and long-run tendencies in the economy.

Suggested Citation

  • Ulrich Witt, 1992. "Evolutionary Concepts in Economics," Eastern Economic Journal, Eastern Economic Association, vol. 18(4), pages 405-419, Fall.
    • Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:405-419
    as

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    File URL: http://web.holycross.edu/RePEc/eej/Archive/Volume18/V18N4P405_419.pdf
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    References listed on IDEAS

    as
    1. Granovetter, Mark & Soong, Roland, 1986. "Threshold models of interpersonal effects in consumer demand," Journal of Economic Behavior & Organization, Elsevier, vol. 7(1), pages 83-99, March.
    2. Vanberg, Viktor, 1986. "Spontaneous Market Order and Social Rules," Economics and Philosophy, Cambridge University Press, vol. 2(1), pages 75-100, April.
    3. Day, Richard H., 1984. "Disequilibrium economic dynamics : A post-Schumpeterian contribution," Journal of Economic Behavior & Organization, Elsevier, vol. 5(1), pages 57-76, March.
    4. Ulrich Witt, 1994. "Evolutionary economics," Chapters, in: Peter J. Boettke (ed.), The Elgar Companion to Austrian Economics, chapter 78, Edward Elgar Publishing.
    5. Brian Arthur, W. & Ermoliev, Yu. M. & Kaniovski, Yu. M., 1987. "Path-dependent processes and the emergence of macro-structure," European Journal of Operational Research, Elsevier, vol. 30(3), pages 294-303, June.
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    Citations

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    Cited by:

    1. Joshua Henkel, 2022. "Economics & Biology: The whole is something besides the parts – a complementary approach to a bioeconomy," Bremen Papers on Economics & Innovation 2210, University of Bremen, Faculty of Business Studies and Economics.
    2. Bernhard Rengs & Manuel Scholz-Wäckerle, 2019. "Consumption & class in evolutionary macroeconomics," Journal of Evolutionary Economics, Springer, vol. 29(1), pages 229-263, March.
    3. Jack Vromen, 2007. "Generalized Darwinism in Evolutionary Economics: The Devil is in the Details," Papers on Economics and Evolution 2007-11, Philipps University Marburg, Department of Geography.
    4. Rizzello Salvatore, 2002. "Mind and choice in economics," CESMEP Working Papers 200206, University of Turin.
    5. Kushal K. Reddy & Vipin P. Veetil, 2023. "Business cycles and the internal dynamics of firms," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 36(1), pages 43-60, March.
    6. Zhao, Liang & Zhu, Xian Chen, 2007. "A Discussion on Empirical Micro-Bases of Hayek’s Methodological Individualism," MPRA Paper 3862, University Library of Munich, Germany.
    7. Erik Stam, 2006. "A process model of locational change in entrpreneurial firms: an evolutionary perspective," Chapters, in: Andreas Pyka & Horst Hanusch (ed.), Applied Evolutionary Economics and the Knowledge-based Economy, chapter 7, Edward Elgar Publishing.
    8. Dedeurwaerdere, Tom, 2005. "From bioprospecting to reflexive governance," Ecological Economics, Elsevier, vol. 53(4), pages 473-491, June.
    9. Jeroen van den Bergh & John Gowdy, 2000. "Evolutionary Theories in Environmental and Resource Economics: Approaches and Applications," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 17(1), pages 37-57, September.
    10. Klaus Reiner Schenk-Hopp�, "undated". "Random Dynamical Systems in Economics," IEW - Working Papers 067, Institute for Empirical Research in Economics - University of Zurich.
    11. Shelby D. Hunt, 2011. "Developing successful theories in marketing: insights from resource-advantage theory," AMS Review, Springer;Academy of Marketing Science, vol. 1(2), pages 72-84, June.
    12. Hyytinen, Ari & Maliranta, Mika, 2013. "Firm lifecycles and evolution of industry productivity," Research Policy, Elsevier, vol. 42(5), pages 1080-1098.
    13. J. W. Stoelhorst, 2010. "The firm as a Darwin machine: How Generalized Darwinism can further the development of an evolutionary theory of economic growth," Papers on Economics and Evolution 2010-19, Philipps University Marburg, Department of Geography.
    14. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.

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    More about this item

    Keywords

    Epistemological; Evolution; Evolutionary;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School

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