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A Veblenian Critique of Nelson and Winter’s Evolutionary Theory

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  • Tae-Hee Jo

Abstract

It is often argued that Richard Nelson and Sydney Winter’s evolutionary theory is an alternative to neoclassical economics and is compatible with or complementary to Veblenian evolutionary economics. This article subjects such arguments to critical examination. I argue that while Nelson and Winter’s theory provides a more realistic account of the firm behavior than Marshallian-neoclassical theory does, it is a neoclassical evolutionary theory in much the same sense as Marshall’s economics is quasi-evolutionary, “neo-classical” economics according to Veblen. Therefore, Nelson and Winter’s evolutionary theory is in fact a protective modification of neoclassical economics and is antithetical to Veblen’s evolutionary economics.

Suggested Citation

  • Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    • Handle: RePEc:mes:jeciss:v:55:y:2021:i:4:p:1101-1117
    DOI: 10.1080/00213624.2021.1994789
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    Cited by:

    1. Carolina Alves, 2026. "Theory and realism in economics: Richard R. Nelson, equilibrium and economic change," Economia e Politica Industriale: Journal of Industrial and Business Economics, Springer;Associazione Amici di Economia e Politica Industriale, vol. 53(1), pages 95-113, March.
    2. M’hand Fares & Fateh Mamine, 2023. "Relative Importance of Barriers and Levers to Intercropping Systems Adoption: A Comparison of Farms and Co-Operatives," Sustainability, MDPI, vol. 15(8), pages 1-15, April.
    3. Arne Heise, 2023. "'We need to offer something better to the scholars of the future.' Which way forward for heterodox economics?," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 16(1), pages 130-161, Annual.
    4. Henning Schwardt, 2024. "Global supply chains as global commons: some policy considerations from the perspective of microfoundations in an evolutionary framework," Evolutionary and Institutional Economics Review, Springer, vol. 21(2), pages 305-319, September.

    More about this item

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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