Essays on Economic Change and its Theory
Modern economies never come to rest. From institutions to activities of production, trade, and consumption, everything is locked in processes of perpetual transformation – and so are our daily lives. Why and how do such transformations occur? What can economic theory tell us about these changes and where they might lead? Ulrich Witt’s book discusses why evolutionary concepts are necessary to answer such questions. While economic evolution is in many respects unique, it nonetheless needs to be seen within the broader context of natural evolution. By exploring this complex relationship, Rethinking Economic Evolution demonstrates the significance of an evolutionary economic theory.
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Chapter 4: What is specific about evolutionary economics?
Ever since and "evolutionary" persective on the economy has been suggested, there have been differing, and partly incommensurable, views on what specifically this means. By working out where the differences lie and what motivates them, this paper identifies four major approaches to evolutionary economics.
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