Economics at your fingertips  

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
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (13) Track citations by RSS feed

Downloads: (external link) (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link:

Access Statistics for this article

Eastern Economic Journal is currently edited by Cynthia A. Bansak, St. Lawrence University and Allan A. Zebedee, Clarkson University

More articles in Eastern Economic Journal from Eastern Economic Association Contact information at EDIRC.
Bibliographic data for series maintained by Victor Matheson, College of the Holy Cross ().

Page updated 2018-08-18
Handle: RePEc:eej:eeconj:v:18:y:1992:i:4:p:405-419