Economics and Evolution: Bringing Life Back Into Economics
Economic theory is currently at a crossroads, where many leading mainstream economists are calling for a more realistic and practical orientation for economic science. Indeed, many are suggesting that economics should be reconstructed on evolutionary lines.
This book is about the application to economics of evolutionary ideas from biology. It is not about selfish genes or determination of our behavior by genetic code. The idea that evolution supports a laissez-faire policy is rebutted. The conception of evolution as progress toward greater perfection, along with the competitive individualism sometimes inferred from the notion of the "survival of the fittest," is found to be problematic. Hodgson explores the ambiguities inherent in biology and the problems involved in applying ideas of past economic thinkers--including Malthus, Smith, Marx, Marshall, Veblen, Schumpeter, and Hayek--and argues that the new evolutionary economics can learn much from the many differing conceptions of economic evolution.
"This is a work of enormous perceptivity and subtlety as well as judiciousness of interpretation and critique . . . [that] establish[es] Hodgson as the leading institutional theorist, and as one of the leading evolutionary theorists, of his generation." --Warren J. Samuels
"A daring and successful attempt to expunge the monopoly of reductionist and mechanistic thinking over evolutionary theory . . . a must for anyone who is interested not only in the foundations of economics, but also in the foundations of social theory." --Elias L. Khalil, Ohio State University
Geoffrey M. Hodgson is University Lecturer in Economics, Judge Institute for Management Studies, University of Cambridge.
What people are saying - Write a review
We haven't found any reviews in the usual places.
A Brief Diagnosis
On Mechanistic and Biological Metaphors
A Preliminary Taxonomy
Evolution in Economics? From Mandeville
Karl Marx and Frederick
The Lost Satellite
The Mecca of Alfred Marshall
Carl Menger and the Evolution of Money
The Evolution of Friedrich Hayek
Friedrich Hayek and Spontaneous Order
Towards an Evolutionary Economics
Evolution Indeterminacy and Intention
The Problem of Reductionism in Biology
Bringing Life Back into Economics
Other editions - View all
adaptation analogy analysis argued argument assumptions atomistic Austrian School biologists biology Carl Menger Cartesian causal chaos theory chapter competition complex concept context contrast cultural Darwin Darwinian discussion diversity dynamic economic evolution economists emergence environment equilibrium evolutionary process evolutionary selection evolutionary theory explanation firms Friedrich Hayek Furthermore genes genetic Gould group selection habits Hayek hierarchy human idea important indeterminacy influence institutionalists institutions interactions involved kind Lamarckian Malthus Malthus's Malthusian Mandeville Marshall Marx Mayr mechanisms mechanistic Menger metaphor methodological individualism Mirowski modern natural selection neoclassical neoclassical economics noted notion ontogeny ontology optimal organism outcome Peirce phenomena philosophical phylogenetic population thinking possible principle problem purposeful behaviour rational reductionism reductionist relations role rules Schumpeter Schumpeter's simply Smith social science sociobiology socioeconomic species Spencer spontaneous order structure suggests survival teleology theoretical theorists Thorstein Veblen thought tion units of selection variation variety Veblen Walras Walrasian
Foundations of Economic Method: A Popperian Perspective
No preview available - 2003
All Book Search results »
The Evolution of Institutional Economics: Agency, Structure, and Darwinism ...
Geoffrey Martin Hodgson
No preview available - 2004