An Evolutionary Theory of Economic Change

An Evolutionary Theory of Economic Change

by Richard R. Nelson, Sidney G. Winter
     
 

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… See more details below

Overview

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.

Product Details

ISBN-13:
9780674272279
Publisher:
Harvard University Press
Publication date:
01/01/1982
Pages:
454

Meet the Author

Table of Contents

I. OVERVIEW AND MOTIVATION

1. Introduction

2. The Need for an Evolutionary Theory

II. ORGANIZATION-THEORETIC FOUNDATIONS OF ECONOMIC EVOLUTIONARY THEORY

3. The Foundations of Contemporary Orthodoxy

4. Skills

5. Organizational Capabilities and Behavior

III. TEXTBOOK ECONOMICS REVISITED

6. Static Selection Equilibrium

7. Firm and Industry Response to Changed Market Conditions

IV. GROWTH THEORY

8. Neoclassical Growth Theory: A Critique

9. An Evolutionary Model of Economic Growth

10. Economic Growth as a Pure Selection Process

11. Further Analysis of Search and Selection

V. SCHUMPETERIAN COMPETITION

12. Dynamic Competition and Technical Progress

13. Forces Generating and Limiting Concentration under Schumpeterian Competition

14. The Schumpeterian Tradeoff Revisited

VI. ECONOMIC WELFARE AND POLICY

15. Normative Economics from an Evolutionary Perspective

16. The Evolution of Public Policies and the Role of Analysis

VII. CONCLUSION

17. Retrospect and Prospect

References

Index

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