Theorie und Empirie aus evolutionsökonomischer Sicht / Theory and Empirical Facts in the Perspective of Evolutionary

Fehl Ulrich ()
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Fehl Ulrich: Philipps-Universität Marburg, Fachbereich Wirtschaftswissenschaften, Abt. Wirtschaftstheorie I, Universitätsstraße 24, D-35032 Marburg, Germany

Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), 2004, vol. 224, issue 1-2, 1-16

Abstract: According to Colander, modern economics is economics of the model. Models have to be testable, in order to get a “theory with measurement”. This procedure was recently criticized vehemently by Blaug maintaining that there is only little empirical progress in the economics of today. He makes the case for evolutionary economics because the latter is considering especially entrepreneurship and innovations, topics which are neglected by economists constructing and testing models. The reason for this is, as G.M. Hodgson tells us: “By its nature, novelty defies the boundary of formalism.” Evolutionary economics stressing competition and market processes focuses on innovations and institutions, but its method – because of the involved complex relations – is not confined to simple testable models. This raises the question how theory is confronted with empirical facts in evolutionary economics. Taking into consideration that evolutionary economics has a preference for “pattern predictions” in the sense of von Hayek the author pleads for a plurality of empirical methods. The important role of the search for “invariant factors” in this context is analyzed, too.

Keywords: Evolutionary economics; testability of economic models; pattern predictions; empirical facts; equilibrium versus disequilibrium; Evolutionsökonomik; Testbarkeit von Modellen; Musteraussagen; Empirie; Gleichgewicht versus Ungleichgewicht; Evolutionary economics; testability of economic models; pattern predictions; empirical facts; equilibrium versus disequilibrium (search for similar items in EconPapers)
Date: 2004
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:jns:jbstat:v:224:y:2004:i:1-2:p:1-16

DOI: 10.1515/jbnst-2004-1-202

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