Institutional economics and the evolutionary metaphor
Article Abstract:
Recent research has considered the problems facing evolutionary thought in economics, looking in particular at the choice of behavioural assumptions contained in both evolutionary economics and neoclassical economics. It is argued that the evolutionary defence of the rationality assumption applied to institutional economics lacks conviction, as little detail is given regarding the evolutionary system. It is important to be open to new psychological models which may offer a more wide-reaching concept of human motivation and behaviour.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1996
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Patterned variation: the role of psychological dispositions in social and institutional evolution
Article Abstract:
Institutional economics has come to focus on institutional forms and the way that they compete with each other. This has parallels with evolution, in that one institutional form will tend to displace others, and the most efficient form will survive. Variations driving the process of evolution may not be random as is sometimes supposed, but rather they may be patterned, which leads to questions about the origins of these patterns. Purposeful behavior is not random, but is patterns and so gives rise to patterned variations.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1997
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Institutional evolution within constraints
Article Abstract:
Recent studies connected with modern evolutionary economics have looked particularly at the link between random evolutionary forces and deliberate human intention. Within this context, it is useful to consider connections between theoretical views of the market process and possible ways of dealing with the issue of institutional evolution. The best approach seems to be to model explanations of institutional evolution along the lines of theoretical understanding of the market process.
Publication Name: Journal of Institutional & Theoretical Economics
Subject: Economics
ISSN: 0932-4569
Year: 1996
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