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

The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional economics: * the new theory of the firm, * Nelson and Winter's evolutionary economics * game theoretic accounts of spontaneous evolution. Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like 'institution' and 'evolution'. However, the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches. Booknews An intercultural study of the poetics of nature imagery, drawing on classical Chinese poetics and English criticism from the 18th century to the Romantic period. Addresses the interrelated issues of mental perception and poetic representation of nature; analyzes theories of integrating natural imagery and human sentiment; and suggests the possibility of constructing a common poetics in a specifically demarcated area. Based on a dissertation. Annotation c. Book News, Inc., Portland, OR (booknews.com) 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 cental to the new institutional economics:* the new theory of the firm, with particular emphasis on Oliver Willamson's transaction cost economics* 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 HayekThe 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 The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional * the new theory of the firm, * Nelson and Winter's evolutionary economics * game theoretic accounts of spontaneous evolution. Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like `institution' and `evolution'. However, the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches. The new institutional economics offers one of the most exciting research agendas in economics today. The book looks at the differences and similarities between the three main approaches