Recent Evolutionary Theorizing about Economic Change

Richard Nelson

Journal of Economic Literature, 1995, vol. 33, issue 1, 48-90

Abstract: Economists long have employed evolutionary language and metaphors to characterize economic change, but until recently have largely eschewed the expression of explicit evolutionary theories. Over the last decade, however, a number of explicit evolutionary theories have been developed by economists, and other social scientists. This essay discusses the general analytic art form, and summarizes and discusses a number of the particular models. In the light of those examples, it evaluates the strengths and weaknesses of explicit evolutionary theorizing as an approach to understanding economic change.

Date: 1995
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