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Journal of Economic Perspectives

ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)

Evolutionary Theorizing in Economics

  • Richard R. Nelson
  • Sidney G. Winter
Journal of Economic Perspectives
vol. 16, no. 2, Spring 2002
(pp. 23–46)
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Abstract

This paper reviews the case for an evolutionary approach to problems of economic analysis, ranging from the details of individual firm behavior in the short run through industrial dynamics to the historical evolution of institutions and technologies. We draw upon a substantial body of recent research contributions. We characterize micro behavior as governed by skills and routines that are shaped by learning and selection. We then consider major areas of application of evolutionary thinking, including the analysis of competitive processes in technologically dynamic industries and the evolution of institutions and technologies.

Citation

Nelson, Richard, R., and Sidney G. Winter. 2002. "Evolutionary Theorizing in Economics." Journal of Economic Perspectives, 16 (2): 23–46. DOI: 10.1257/0895330027247

JEL Classification

  • B52 Current Heterodox Approaches: Institutional; Evolutionary
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