Evolutionary Economics: Post-Schumpeterian Contributions
This text presents the elements of evolutionary economics both generally and as they were developed by Schumpeter, one of the worlds most renowned economists. It seeks to understand economics in terms of an evolutionary process at the population level, by means of mechanisms concerning the creation, transmission and selection of behavioural rules. The work uses computer-based studies as a supplement to standard mathematical models of analysis. It emphasizes that there is a need for combining such relatively clear-cut studies of artificially limited evolutionary processes with broad and descriptive accounts of economic transformation.
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4-state agents Alchian application approach Artificial Intelligence Axelrod B-firms basic biological brand buyer capital characteristics competition complex consider created cycles decision-making defined diffusion economic evolution economic system economists emphasise entrepreneurs environment equation equilibrium evolutionary analysis evolutionary economics evolutionary process evolutionary stable strategy explanation F-space firms formulations frequencies function G-set genetic algorithms globally optimal Goodwin growth heuristic ideas imitative search important increase industry innovative and imitative interaction interface iterated iterated Prisoner's Dilemma logistic logistic curve market shares means mechanisms Nelson and Winter Nelson-and-Winter models notation organisational output paradigms parameters period perspective population possible present principle Prisoner's Dilemma probability problem procedure production profit programming programming language railway relatively relevant routine types routine-1 rules saltationism satisficing scheme Schumpeter Schumpeter's Schumpeterian search space SEARCHSP selection Simon simple simulation situation specification strategy structure studies synthesis theoretical theory Trader's Dilemma traders transactions users variables