Evolutionary Political Economy in Crisis Mode
This paper sets out to discuss recent economic developments from a twofold perspective. Both spotlights focus on the special role played by the current deep global crisis. The first line of argument centers on the history of economic ideas and shows how evolutionary economics has emerged as a promising alternative to mainstream neoclassical thought as well as to traditional Keynesian macroeconomics. The failure of standard macroeconomics to inform economic policy in the current situation shows that arguments of evolutionary political economists – from Malthus via Schumpeter to contemporary scholars – can and should substitute these inadequate models. The second part of the paper takes the argument for evolutionary political economy to a methodological level: The deep crisis of economic theory is necessarily also a crisis of the methodological apparatus used. Though evolutionary economics does not provide a welldefined alternative set of methods yet, it nevertheless seems to be the best foundation to build such a new combination, a methodological innovation, out of some of the most recent advances in formalization. These latter elements are briefly sketched.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 234 (2014)
Issue (Month): 2-3 (April)
|Contact details of provider:|| Postal: |
Phone: +49 (0)641 99 22 001
Fax: +49 (0)641 99 22 009
Web page: http://wiwi.uni-giessen.de/home/oekonometrie/Jahrbuecher/
More information through EDIRC
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Philip Arestis & Malcolm Sawyer, 2003.
"Reinventing Fiscal Policy,"
General Economics and Teaching
- Ulrich Witt, 2003. "Economic policy making in evolutionary perspective," Journal of Evolutionary Economics, Springer, vol. 13(2), pages 77-94, 04.
- Silverberg, G. & Verspagen, B., 2002.
"A Percolation Model of Innovation in Complex Technology Spaces,"
02.12, Eindhoven Center for Innovation Studies.
- Silverberg, Gerald & Verspagen, Bart, 2005. "A percolation model of innovation in complex technology spaces," Journal of Economic Dynamics and Control, Elsevier, vol. 29(1-2), pages 225-244, January.
- Gerald Silverberg & Bart Verspagen, 2002. "A Percolation Model of Innovation in Complex Technology Spaces," Computing in Economics and Finance 2002 24, Society for Computational Economics.
- repec:thk:rnotes:33 is not listed on IDEAS
- Witt, Ulrich, 1997. "The Hayekian Puzzle: Spontaneous Order and the Business Cycle," Scottish Journal of Political Economy, Scottish Economic Society, vol. 44(1), pages 44-58, February.
- Giovanni Dosi, 2012. "Economic Coordination and Dynamics: Some Elements of an Alternative "Evolutionary" Paradigm," LEM Papers Series 2012/08, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- repec:dgr:tuecis:0212 is not listed on IDEAS
- Georgy S. Levit & Uwe Hossfeld & Ulrich Witt, 2010.
"Can Darwinism Be "Generalized" and of What Use Would This Be?,"
Papers on Economics and Evolution
2010-07, Philipps University Marburg, Department of Geography.
- Georgy Levit & Uwe Hossfeld & Ulrich Witt, 2011. "Can Darwinism be “Generalized” and of what use would this be?," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 545-562, October.
- Samuelson, Larry, 2001. "Introduction to the Evolution of Preferences," Journal of Economic Theory, Elsevier, vol. 97(2), pages 225-230, April.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008.
"Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles,"
LEM Papers Series
2008/21, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.
- Dosi, Giovanni & Fagiolo, Giorgio & Roventini, Andrea, 2010. "Schumpeter meeting Keynes: A policy-friendly model of endogenous growth and business cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), pages 1748-1767, September.
- Giovanni Dosi & Giorgio Fagiolo & Andrea Roventini, 2008. "Schumpeter Meeting Keynes: A Policy-Friendly Model of Endogenous Growth and Business Cycles," Working Papers 50/2008, University of Verona, Department of Economics.
- Ulrich Witt, 2008. "What is specific about evolutionary economics?," Journal of Evolutionary Economics, Springer, vol. 18(5), pages 547-575, October.
When requesting a correction, please mention this item's handle: RePEc:jns:jbstat:v:234:y:2014:i:2-3:p:422-440. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Winker)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.