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How Can Evolutionary Economics Evolve?

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Evolutionary Controversies in Economics

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Abstract

This chapter addresses the current growth and popularity of “evolutionary economics” and examines its meaning and potential. The growth in “evolutionary” ideas in economics is put in historic context before examining the various strands of evolutionary theory. The link between modern evolutionary economics and the “old” institutionalism of Veblen and others is explored, alongside the Marxian, Austrian, and Schumpeterian traditions. Returning to the modern situation, it is suggested that formalist strains of both evolutionary and mainstream economics have difficulty in incorporating the key evolutionary concept of novelty. Examining both the historic legacy and the philosophical underpinnings suggests a distinctive identity based on the incorporation of emergent properties and the rejection of reductionist theorizing. The development of modern evolutionary economics may be all the stronger in doing so if it acquires a clear understanding of its own philosophical underpinnings and its own past.

We shall not cease from exploration And the end of all our exploring Willbe to arrive where we started And know the place for the first time. T. S. Eliot, Little Gidding

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Authors and Affiliations

  1. The Business School, University of Hertfordshire, Mangrove Road, Hertford, Hertfordshire, SG13 8QF, UK

    Geoffrey M. Hodgson

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  1. Geoffrey M. Hodgson
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Editors and Affiliations

  1. Faculty of Commerce, Chuo University, Higashinakano, Hachioji Tokyo, 192-0393, Japan

    Yuji Aruka (Professor of Economics) (Professor of Economics)

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M. Hodgson, G. (2001). How Can Evolutionary Economics Evolve?. In: Aruka, Y. (eds) Evolutionary Controversies in Economics. Springer, Tokyo. https://doi.org/10.1007/978-4-431-67903-5_3

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  • DOI: https://doi.org/10.1007/978-4-431-67903-5_3

  • Publisher Name: Springer, Tokyo

  • Print ISBN: 978-4-431-67994-3

  • Online ISBN: 978-4-431-67903-5

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