Economic Evolution: An Inquiry Into the Foundations of the New Institutional EconomicsRoutledge, 19 Eki 1995 - 256 sayfa The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional economics: * the new theory of the firm, * Nelson and Winter's evolutionary economics * game theoretic accounts of spontaneous evolution. Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like `institution' and `evolution'. However, the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches. |
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adaptive learning Alchian and Demsetz altruism antimarginalists assumed assumption Axelrod Becker believe biology bounded rationality causal ceteris paribus Chapter claim cultural evolution Darwinian natural selection Dawkins discussed economic evolutionary theory economic natural selection economic theory efficient Elster entrepreneurs equilibrium evolutionary economics evolutionary economists evolutionary game theory evolutionary mechanisms example feedback loop firm behaviour firm’s forces Friedman functional explanation genes group selection Hayek HD-game Houthakker hypothesis imitation individual firms individual organisms industry behaviour institutions Machlup Mäki marginal analysis maximum profits Maynard Smith mutation Nash equilibrium Nelson and Winter neoclassical theory notion optimal organization forms orthodox players Popper population predicted problem profit maximization realistic replicator dynamics reproductive success routine behaviour satisficers satisficing seems selection argument selection mechanism Simon situations Smith’s social strategy set survival tautologies theoretical theorists traits transaction cost economics transaction costs unit of selection Williamson Winter argue Winter’s evolutionary theory