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Evolutionary Economics

Ulrich Witt

Please note this updated and revised Research Review is only available online. The link to Buy Book in Print and Find This Book in Your Library is to a previous edition available in print. The previous print edition reprints the full text of many, though not all, of the recommended articles and complements the online edition. Evolutionary economics has become a major heterodox approach over the last decades. Its roots can be traced back to Schumpeter and Veblen. More recently, an important role is also played by analogies to evolutionary biology, notably to natural selection models. As this research review explains, the approach of evolutionary economics offers an improved understanding of market processes, industry dynamics, structural change, and economic growth as being driven by human innovativeness

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