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Traditional doctrines of economic policy have largely failed to address the fact that human economies are evolving, complex adaptive systems rather than equilibrating mechanisms. This volume represents a step towards a more evolutionary approach to economic policy.
Book Synopsis The Evolutionary Analysis of Economic Policy by : Pavel Pelikán
Download or read book The Evolutionary Analysis of Economic Policy written by Pavel Pelikán and published by Edward Elgar Publishing. This book was released on 2003 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt: Traditional doctrines of economic policy have largely failed to address the fact that human economies are evolving, complex adaptive systems rather than equilibrating mechanisms. This volume represents a step towards a more evolutionary approach to economic policy.
Book Synopsis The Evolutionary Analysis of Economic Policy by :
Download or read book The Evolutionary Analysis of Economic Policy written by and published by Edward Elgar Publishing. This book was released on 2003 with total page 269 pages. Available in PDF, EPUB and Kindle. Book excerpt:
This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
Book Synopsis An Evolutionary Theory of Economic Change by : Richard R. Nelson
Download or read book An Evolutionary Theory of Economic Change written by Richard R. Nelson and published by Harvard University Press. This book was released on 1985-10-15 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.
This collection is inspired by the coming retirement of Professor Wolfram Elsner. It presents cutting-edge economic research relevant to economic policies and policy-making, placing a strong focus on innovative perspectives. In a changing world that has been shaken by economic, social, financial, and ecological crises, it becomes increasingly clear that new approaches to economics are needed for both theoretical and empirical research; for applied economics as well as policy advice. At this point, it seems necessary to develop new methods, to reconsider theoretical foundations and especially to take into account the theoretical alternatives that have been advocated within the field of economics for many years. This collection seeks to accomplish this by including institutionalist, evolutionary, complexity, and other innovative perspectives. It thereby creates a unique selection of methodological and empirical approaches ranging from game theory to economic dynamics to empirical and historical-theoretical analyses. The interested reader will find careful reconsiderations of the historical development of institutional and evolutionary theories, enlightening theoretical contributions, interdisciplinary ideas, as well as insightful applications. The collection serves to highlight the common ground and the synergies between the various approaches and thereby to contribute to an emerging coherent framework of alternative theories in economics. This book is of interest to those who study political economy, economic theory and philosophy, as well as economic policy.
Book Synopsis Policy Implications of Recent Advances in Evolutionary and Institutional Economics by : Claudius Gräbner
Download or read book Policy Implications of Recent Advances in Evolutionary and Institutional Economics written by Claudius Gräbner and published by Routledge. This book was released on 2016-05-12 with total page 238 pages. Available in PDF, EPUB and Kindle. Book excerpt: This collection is inspired by the coming retirement of Professor Wolfram Elsner. It presents cutting-edge economic research relevant to economic policies and policy-making, placing a strong focus on innovative perspectives. In a changing world that has been shaken by economic, social, financial, and ecological crises, it becomes increasingly clear that new approaches to economics are needed for both theoretical and empirical research; for applied economics as well as policy advice. At this point, it seems necessary to develop new methods, to reconsider theoretical foundations and especially to take into account the theoretical alternatives that have been advocated within the field of economics for many years. This collection seeks to accomplish this by including institutionalist, evolutionary, complexity, and other innovative perspectives. It thereby creates a unique selection of methodological and empirical approaches ranging from game theory to economic dynamics to empirical and historical-theoretical analyses. The interested reader will find careful reconsiderations of the historical development of institutional and evolutionary theories, enlightening theoretical contributions, interdisciplinary ideas, as well as insightful applications. The collection serves to highlight the common ground and the synergies between the various approaches and thereby to contribute to an emerging coherent framework of alternative theories in economics. This book is of interest to those who study political economy, economic theory and philosophy, as well as economic policy.
The traditional role of evolutionary theory in the social sciences has been to explain the existence of an object in terms of the survival of the fittest. In economics this approach has acted as a justification for hypotheses such as profit maximisation, or the existence of institutions in terms of their overall efficiency. This volume challenges that view and argues that one of the first tasks of economic theory should be to explain the enormous diversity of institutional arrangements that has characterised human societies.
Book Synopsis The Evolution of Economic Diversity by : Antonio Nicita
Download or read book The Evolution of Economic Diversity written by Antonio Nicita and published by Routledge. This book was released on 2013-12-16 with total page 460 pages. Available in PDF, EPUB and Kindle. Book excerpt: The traditional role of evolutionary theory in the social sciences has been to explain the existence of an object in terms of the survival of the fittest. In economics this approach has acted as a justification for hypotheses such as profit maximisation, or the existence of institutions in terms of their overall efficiency. This volume challenges that view and argues that one of the first tasks of economic theory should be to explain the enormous diversity of institutional arrangements that has characterised human societies.
The purpose of this volume is to demonstrate how contemporary institutional economic analysis can be applied to the resolution of economic problems. All of the essays in this book challenge the conventional wisdom in the problem areas addressed. They advocate policy positions that often run contrary to views widely held by academic economists and policy makers alike. The general literature of institutional economics is unorthodox, beginning with its methodological foundations and continuing through the kind of policy analysis found in these pages. The orthodox tradition in economics is commonly characterized as "neoclassical economics." Neoclassical economics fosters the myth that only "the market" can efficiently allocate a society's economic resources and equitably distribute its income. It provides the intellectual defense for in which "free markets" are championed over democratic capitalist ideology policy formation, which it contends is neither efficient nor equitable. For both professional economists and policy makers of a conservative political persuasion, neoclassical economics writes the script for a morality play in which the market is the "good guy" and the government is the "bad guy." As such, it undermines the belief that free societies can enhance economic welfare through the use of democratic processes in the formulation of economic policies.
Book Synopsis Institutional Analysis and Economic Policy by : Marc R. Tool
Download or read book Institutional Analysis and Economic Policy written by Marc R. Tool and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 769 pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this volume is to demonstrate how contemporary institutional economic analysis can be applied to the resolution of economic problems. All of the essays in this book challenge the conventional wisdom in the problem areas addressed. They advocate policy positions that often run contrary to views widely held by academic economists and policy makers alike. The general literature of institutional economics is unorthodox, beginning with its methodological foundations and continuing through the kind of policy analysis found in these pages. The orthodox tradition in economics is commonly characterized as "neoclassical economics." Neoclassical economics fosters the myth that only "the market" can efficiently allocate a society's economic resources and equitably distribute its income. It provides the intellectual defense for in which "free markets" are championed over democratic capitalist ideology policy formation, which it contends is neither efficient nor equitable. For both professional economists and policy makers of a conservative political persuasion, neoclassical economics writes the script for a morality play in which the market is the "good guy" and the government is the "bad guy." As such, it undermines the belief that free societies can enhance economic welfare through the use of democratic processes in the formulation of economic policies.
The first book to chart the development of the field of evolutionary economics, this book provides an integrated generic framework to define the rules of an economic system; how they are coordinated and the causes and consequences of their change. Packed with pedagogical features including essay and tutorial questions, case studies and an extensive bibliography, this book: proposes a new analytic framework for the study of the nature and causes of long run economic growth and development in market systems analyzes the foundations of the neoclassical tradition, before developing a thesis through micro, meso and macro domains drawing conclusions as to what can be learned from the point of view of policy analysis focuses on an open-systems analytical framework and successfully formulates and refines the analytical foundations of a new general theory of economic evolution. This volume is essential reading for scholars and students of economic evolution and as well as for anyone who seeks to better understand the complex evolutionary nature of the structure and dynamics of the knowledge-based economy in today’s society.
Book Synopsis The General Theory of Economic Evolution by : Kurt Dopfer
Download or read book The General Theory of Economic Evolution written by Kurt Dopfer and published by Routledge. This book was released on 2007-09-27 with total page 153 pages. Available in PDF, EPUB and Kindle. Book excerpt: The first book to chart the development of the field of evolutionary economics, this book provides an integrated generic framework to define the rules of an economic system; how they are coordinated and the causes and consequences of their change. Packed with pedagogical features including essay and tutorial questions, case studies and an extensive bibliography, this book: proposes a new analytic framework for the study of the nature and causes of long run economic growth and development in market systems analyzes the foundations of the neoclassical tradition, before developing a thesis through micro, meso and macro domains drawing conclusions as to what can be learned from the point of view of policy analysis focuses on an open-systems analytical framework and successfully formulates and refines the analytical foundations of a new general theory of economic evolution. This volume is essential reading for scholars and students of economic evolution and as well as for anyone who seeks to better understand the complex evolutionary nature of the structure and dynamics of the knowledge-based economy in today’s society.
The world is in turmoil, the dynamics of political economy seem to have entered a phase where a ‘return to normal’ cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. The essays in this volume explore the theoretical and methodological aspects of evolutionary political economy. In part one, the authors consider the foundational contributions of some of the great economists of the past, while the second part demonstrates the benefits of adopting the methods of computer simulation and agent-based modelling. Together, the contributions to this volume demonstrate the richness, diversity and great explanatory potential of evolutionary political economy. This volume is extremely useful for social scientists in the fields of economics, politics, and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.
Book Synopsis Theory and Method of Evolutionary Political Economy by : Hardy Hanappi
Download or read book Theory and Method of Evolutionary Political Economy written by Hardy Hanappi and published by Taylor & Francis. This book was released on 2017-01-12 with total page 264 pages. Available in PDF, EPUB and Kindle. Book excerpt: The world is in turmoil, the dynamics of political economy seem to have entered a phase where a ‘return to normal’ cannot be expected. Since the financial crisis, conventional economic theory has proven itself to be rather helpless and political decision makers have become suspicious about this type of economic consultancy. This book offers a different approach. It promises to describe political and economic dynamics as interwoven as they are in real life and it adds to that an evolutionary perspective. The latter allows for a long-run view, which makes it possible to discuss the emergence and exit of social institutions. The essays in this volume explore the theoretical and methodological aspects of evolutionary political economy. In part one, the authors consider the foundational contributions of some of the great economists of the past, while the second part demonstrates the benefits of adopting the methods of computer simulation and agent-based modelling. Together, the contributions to this volume demonstrate the richness, diversity and great explanatory potential of evolutionary political economy. This volume is extremely useful for social scientists in the fields of economics, politics, and sociology who are interested to learn what evolutionary political economy is, how it proceeds and what it can provide.
Presents the evolutionary perspective of the economy as perpetually moving, driven by innovation, and the empirical research this has guided.
Book Synopsis Modern Evolutionary Economics by : Richard R. Nelson
Download or read book Modern Evolutionary Economics written by Richard R. Nelson and published by Cambridge University Press. This book was released on 2018-05-03 with total page 285 pages. Available in PDF, EPUB and Kindle. Book excerpt: Presents the evolutionary perspective of the economy as perpetually moving, driven by innovation, and the empirical research this has guided.
This two-volume work is intended to map the theoretical heartland of the institutionalist perspective on political economy. Volume I, "Foundations of Institutional Thought", identifies the origins of institutional economics and explores the primary analytical tools in its development. The papers included in Volume II, "Institutional Theory and Policy", consider basic economic processes, institutions for stabilizing and planning economic activities, the role of power and accountability, and emerging global interdependence. Marc R. Tool is the editor of "Journal of Economic Issues".
Book Synopsis Evolutionary Economics by : Marc R. Tool
Download or read book Evolutionary Economics written by Marc R. Tool and published by Routledge. This book was released on 2019-05-24 with total page 516 pages. Available in PDF, EPUB and Kindle. Book excerpt: This two-volume work is intended to map the theoretical heartland of the institutionalist perspective on political economy. Volume I, "Foundations of Institutional Thought", identifies the origins of institutional economics and explores the primary analytical tools in its development. The papers included in Volume II, "Institutional Theory and Policy", consider basic economic processes, institutions for stabilizing and planning economic activities, the role of power and accountability, and emerging global interdependence. Marc R. Tool is the editor of "Journal of Economic Issues".
