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Home > Business and Economics > Economics > Economic theory and philosophy > Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics(Economics as Social Theory)
Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics(Economics as Social Theory)

Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics(Economics as Social Theory)


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About the Book

The new institutional economics offers one of the most exciting new agendas in economics - the economic analysis of the evolution of institutions. Yet a careful ...of what is meant by evolution has been missing. This book fills this lacuna. It focuses on three of the approaches which are central to the new institutional economics: * the new theory of the firm, with particular emphasis on Oliver Willamson's transaction cost economics 2 evolutionary economics, taking the work of Nelson and Winter as the benchmark * game theoretic accounts of the spontaneous evolution of conventions and institutions inspired by Hayek The analysis shows that attempts to group these approaches under the same broad heading conceals many important differences. Not the least of these are the different meanings given to such key concepts as institution' and evolution'. Despite these differences, the book does identify two evolutionary mechanisms that govern processes of economic change in each of the approaches which is discussed. Drawing on recent work in biology and philosophy of science the author identifies some unresolved issues in attempts to transfer the concepts of evolutionary biology to economics. The book poses questions which no self-conscious economist working on evolutionary issues can afford to ignore

Table of Contents:
Preface, 1 INTRODUCTION, Part I Firms and industries, Part II Functional explanation and evolutionary mechanisms, Part III Individuals and groups, Notes, Bibliography, Index

Review :
`I think this is a wonderful book. The author considers a wide range of literatures, and discusses each with sophistication and subtlety ... I learned a lot from what he had to say.' - Richard Nelson, Columbia University 'It is to Vromen's credit that he makes a difficult subject accessible...A fascinating book' -SRH Jones, Business History


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Product Details
  • ISBN-13: 9780415128124
  • Publisher: Taylor & Francis Ltd
  • Publisher Imprint: Routledge
  • Height: 234 mm
  • No of Pages: 256
  • Sub Title: An Inquiry into the Foundations of the New Institutional Economics
  • Width: 156 mm
  • ISBN-10: 0415128129
  • Publisher Date: 19 Oct 1995
  • Binding: Hardback
  • Language: English
  • Series Title: Economics as Social Theory
  • Weight: 585 gr


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Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics(Economics as Social Theory)
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Economic Evolution: An Inquiry into the Foundations of the New Institutional Economics(Economics as Social Theory)
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