An Evolutionary Theory of Economic Change

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.

An Evolutionary Theory of Economic Change

An Evolutionary Theory of Economic Change

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.

More Books:

An Evolutionary Theory of Economic Change
Language: en
Pages: 454
Authors: Richard R. Nelson
Categories: Business & Economics
Type: BOOK - Published: 2009-06 - Publisher: Harvard University Press

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,
The Structure of Evolutionary Theory
Language: en
Pages: 1433
Authors: Stephen Jay Gould, Steven James Gold, The Alexander Agassiz Professor of Zoology Stephen Jay Gould
Categories: Science
Type: BOOK - Published: 2002-03-21 - Publisher: 清华大学出版社有限公司

Presents a critique of classical Darwinism, covering its core elements, history, and origins, and offers a new structure of evolutionary thought.
Evolutionary Theory and the Creation Controversy
Language: en
Pages: 204
Authors: Olivier Rieppel
Categories: Science
Type: BOOK - Published: 2010-11-01 - Publisher: Springer Science & Business Media

Evolutionary theory addresses the phenomenon of the origin and diversity of plant and animal species that we observe. In recent times, however, it has become a predominant ideology which has gained currency far beyond its original confines. Attempts to understand the origin and historical development of human culture, civilization and
Evolutionary Studies
Language: en
Pages: 528
Authors: Glenn Geher, David Sloan Wilson, Andrew Gallup, Hadassah Head
Categories: Psychology
Type: BOOK - Published: 2019 - Publisher: Oxford University Press, USA

There is a paradox when it comes to Darwinian ideas within the academy. On one hand, Darwin's theories have famously changed the foundational ideas related to the origins of life, shaping entire disciplines in the biological sciences. On the other hand, people in educated societies across the globe today are
Evolutionary Theory
Language: en
Pages:
Authors: Glenn Geher, David Sloan Wilson, Andrew Gallup, Hadassah Head
Categories: Evolution
Type: BOOK - Published: 1989 - Publisher:

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