Modern Evolutionary Economics
An Overview

Presents the evolutionary perspective of the economy as perpetually moving, driven by innovation, and the empirical research this has guided.

Richard R. Nelson (Author), Giovanni Dosi (Author), Constance E. Helfat (Author), Andreas Pyka (Author), Pier Paolo Saviotti (Author), Keun Lee (Author), Kurt Dopfer (Author), Franco Malerba (Author), Sidney G. Winter (Author)

9781108427432, Cambridge University Press

Hardback, published 3 May 2018

378 pages, 4 b/w illus.
23.5 x 15.7 x 1.9 cm, 0.52 kg

'Nelson and Winter's 1982 book on evolutionary economics was one of the most influential economic publications of recent decades, with an immense impact on neighbouring social sciences. Now, 35 years on, Nelson and other leading scholars examine how, in a rapidly changing world, evolutionary economics helps us understand the role of technological advance, the evolution of firm capabilities and behaviour, the nature of Schumpeterian competition and industrial dynamics, long-run economic development and the process of 'catching up' by developing economics. These analyses, along with the challenges set out in the final chapter, provide the framework for the continuing development of evolutionary economics over coming decades.' Ben Martin, University of Sussex

Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evolutionary economics, reviewing in detail how this perspective has been manifest in various areas of economic inquiry where evolutionary economists have been active. Providing the perfect overview for interested economists and social scientists, readers will learn how in each of the diverse fields featured, evolutionary economics has enabled an improved understanding of how and why economic progress occurs.

1. Economics from an evolutionary perspective Richard Nelson
2. Technological advance as an evolutionary process Giovanni Dosi and Richard Nelson
3. The behavior and capability of firms Constance Helfat
4. Schumpeterian competition and industrial dynamics Andreas Pyka and Richard Nelson
5. Evolutionary perspectives on long run economic development Andreas Pyka, Pier Paolo Saviotti and Richard Nelson
6. Economic catch-up by latecomers as an evolutionary process Keun Lee and Franco Malerba
7. The evolution of evolutionary economics Kurt Dopfer and Richard Nelson.

Subject Areas: Entrepreneurship [KJH], Business innovation [KJD], Political economy [KCP], Development economics & emerging economies [KCM], Economics of industrial organisation [KCD]