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Evolutionary Concepts in Economics

Ulrich Witt

Eastern Economic Journal, 1992, vol. 18, issue 4, 405-419

Abstract: Endogenous change in the economy is caused by innovative activities of the economic agents. The paper discusses how hypotheses on innovative activities which account for the epistemological problems implied by novelty can be developed. Considerations relating to these problems suggest population thinking, a typical attitude of theories dealing with evolution. Two generic features resulting from such a perspective, frequency-dependency and selection effect, are explored together with their common ground in the notion of replicator dynamics. The paper concludes with a reappraisal of classical notions of competition, the coordinating power of markets and long-run tendencies in the economy.

Keywords: Epistemological; Evolution; Evolutionary (search for similar items in EconPapers)
JEL-codes: B41 B25 (search for similar items in EconPapers)
Date: 1992
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Eastern Economic Journal is currently edited by Cynthia A. Bansak, St. Lawrence University and Allan A. Zebedee, Clarkson University

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