Evolutionary Theory

Graeme Snooks

Chapter 4 in Longrun Dynamics, 2000, pp 50-66 from Palgrave Macmillan

Abstract: Abstract Owing to the unsatisfactory nature of neoclassical growth theory, a growing number of economists have sought new dynamic insights from beyond the boundaries of their own profession. These insights they claim to have found in the deductive models of evolutionary biology. It is asserted that evolutionary theory provides a better understanding of the complexity of economic reality. And, as if to sanction their approach, they generally refer to Alfred Marshall’s comment in Principles (1920: xii) that ‘the Mecca of the economist lies in economic biology’ — a mythical place he never attempted to visit.

Keywords: Evolutionary Theory; Institutional Change; Neoclassical Economic; Neoclassical Model; Neoclassical Growth Model (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59939-0_4

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DOI: 10.1057/9780230599390_4

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