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Evolution and Institutions: On Evolutionary Economics and the Evolution of Economics

Evolution and Institutions: On Evolutionary Economics and the Evolution of Economics Book Reviews in evolutionary economics: approaches in which the incessant creation of novelty in evolutionary processes is emphasized and that deny the possibility of explaining aggregate “wholes” entirely in terms of their elemental, constitutive parts. Part 3 is fully dedicated to the best-known pioneers and representatives of NEAR evolutionary economics: Richard Nelson and Sidney Winter. Particularly insightful is Hodgson’s point that Nelson and Winter’s Evolutionary Theory of Economic Change (1982) is more consonant with “old” (Veblen style) institutional economics than Nelson and Winter think it is. Nelson and Winter mention Robert Gordon as one of the precursors of their own evolutionary theory, but fail to notice that Gordon in turn was heavily influenced by “old” institutionalism. Finally, part 4 addresses evolutionary theories of the firm. Hodgson argues that evolutionary elements that now remain implicit in Ronald Coase’s and OliverWilliamson’s transaction cost theories should be brought out into the open. Hodgson is quite confident that if this were done, it would turn out that key propositions about hierarchy and efficiency are unwarranted. Special attention is paid to competence-based theories of the firm. Hodgson discusses prominent forerunners of these theories, notably Edith Penrose, argues that evolutionary theories of the firm http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

Evolution and Institutions: On Evolutionary Economics and the Evolution of Economics

History of Political Economy , Volume 33 (1) – Mar 1, 2001

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Publisher
Duke University Press
Copyright
Copyright 2001 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-33-1-190
Publisher site
See Article on Publisher Site

Abstract

Book Reviews in evolutionary economics: approaches in which the incessant creation of novelty in evolutionary processes is emphasized and that deny the possibility of explaining aggregate “wholes” entirely in terms of their elemental, constitutive parts. Part 3 is fully dedicated to the best-known pioneers and representatives of NEAR evolutionary economics: Richard Nelson and Sidney Winter. Particularly insightful is Hodgson’s point that Nelson and Winter’s Evolutionary Theory of Economic Change (1982) is more consonant with “old” (Veblen style) institutional economics than Nelson and Winter think it is. Nelson and Winter mention Robert Gordon as one of the precursors of their own evolutionary theory, but fail to notice that Gordon in turn was heavily influenced by “old” institutionalism. Finally, part 4 addresses evolutionary theories of the firm. Hodgson argues that evolutionary elements that now remain implicit in Ronald Coase’s and OliverWilliamson’s transaction cost theories should be brought out into the open. Hodgson is quite confident that if this were done, it would turn out that key propositions about hierarchy and efficiency are unwarranted. Special attention is paid to competence-based theories of the firm. Hodgson discusses prominent forerunners of these theories, notably Edith Penrose, argues that evolutionary theories of the firm

Journal

History of Political EconomyDuke University Press

Published: Mar 1, 2001

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