Why read An Evolutionary Theory of Economic Change?

Book cover of An Evolutionary Theory of Economic Change

Book description

This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Richard R. Nelson and Sidney G. Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit…

Explore

Topics

Genres

Business

When you buy books, we may earn a commission that helps keep our lights on (or join the rebellion as a member).

Why read it?

1 author picked An Evolutionary Theory of Economic Change as one of their favorite books. Why do they recommend it?

Paul Stoneman

Author

This book provides the foundations for the evolutionary approach to the analysis of innovation and technological change.

In doing so it represents a serious attack on the dominant neoclassical approach to economic analysis, raising significant objections to assumptions of profit maximization and market equilibrium, instead borrowing the concept of natural selection to construct a detailed evolutionary theory of business behaviour.

It is probably in the field of innovation that evolutionary economics has its greatest presence. As a mainly neoclassical scholar myself I value this alternative paradigm both as a challenge and a valuable alternative viewpoint.

From Paul's list on the study of the economics of innovation.