E-Book Overview
Modern evolutionary economics is now nearly two decades old and in this excellent book, a distinguished group of evolutionary economists identify the most important developments and discuss the direction of future research.
By moving away from traditional concerns with the operation of selection mechanisms towards a preoccupation with the manner in which the novelty and variety provide fuel for such mechanisms, the authors identify a key development in the field. Evolutionary economists have been drawn into the modern complexity science literature which attempts to provide an understanding of how and why ‘complex adaptive systems’ engage in processes of self-organization. The goal is to provide an integrated analysis of both selection and self-organization that is uniquely economic in orientation. After a brief overview of the many key achievements and continuing challenges, the first part of the book deals with theoretical perspectives, discussing institutional change, social constructions, complexity, selection and self-selection and the usefulness of theory. Part two deals with empirical perspectives and includes discussion of replicator dynamics, the measurement of heterogeneity and complexity, and modeling organizations as complex adaptive systems.
This unique book will appeal to evolutionary and industrial economists and policymakers involved with issues of innovation and management scientists.
E-Book Content
Frontiers of Evolutionary Economics
Frontiers of Evolutionary Economics Competition, Self-Organization and Innovation Policy
Edited by
John Foster Professor of Economics and Head of the School of Economics, The University of Queensland, Brisbane, Australia and
J. Stanley Metcalfe Stanley Jevons Professor of Economics and Co-Director, ESRC Centre for Research on Innovation and Competition, University of Manchester, UK
Edward Elgar Cheltenham, UK • Northampton, MA, USA
© John Foster and J. Stanley Metcalfe 2001 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited Glensanda House Montpellier Parade Cheltenham Glos GL50 1UA UK Edward Elgar Publishing, Inc. 136 West Street Suite 202 Northampton Massachusetts 01060 USA
A catalogue record for this book is available from the British Library
Library of Congress Cataloguing in Publication Data Frontiers of evolutionary economics : competition, self-organization, and innovation policy / edited by John Foster and J. Stanley Metcalfe. Based on papers and commentaries from a workshop held at the University of Queensland in Brisbane, Australia, in July 1999. Includes index. 1. Evolutionary economics. 2. Rational expectations (Economic theory) 3. Economic development. I. Foster, John, 1947–. II. Metcalfe, J. S. (J. Stanley) HB97.3 .F76 330—dc21
2001 00–046640
ISBN 1 8 4064 525 3
Typeset by Manton Typesetters, Louth, Lincolnshire, UK. Printed and bound in Great Britain by MPG Books Ltd, Bodmin, Cornwall.
Contents Contributors Preface 1
Modern evolutionary economic perspectives: an overview John Foster and J. Stanley Metcalfe
PART I 2
3
4
vii ix
THEORETICAL PERSPECTIVES
The coevolution of technology and institutions as the driver of economic growth Richard R. Nelson
19
Commentary: institutions, macroevolution and economic selection John M. Gowdy
31
From evolution to language and learning Bart Nooteboom
41
Commentary: from evolution to language and learning Paolo Ramazzotti
70
Theorizing complexity Robert