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Institutions and the Evolution of Capitalism

Implications of Evolutionary Economics Edited by John Groenewegen, Delft University of Technology, The Netherlands and Jack Vromen, Associate Professor in the Philosophy of Economics, Erasmus University Rotterdam, The Netherlands
The combination of recent developments in theory with empirical studies will ensure that this book is essential reading for all those interested in evolutionary and institutional economics, political economy, technology policy, innovation and knowledge.
In Association with the European Association for Evolutionary Political Economy (EAEPE)
Extent: 224 pp
Hardback Price: £82.00 Web: £73.80
Publication Date: 1999
ISBN: 978 1 84064 160 8
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  • Economics and Finance
  • Evolutionary Economics
‘Capitalism is Change’. This famous expression of Joseph Schumpeter was not only characteristic of his time, but is certainly relevant as we enter the twenty-first century. The transition of Eastern Europe and the former Soviet Union, the Asian crisis and European integration all characterise the continuous change of capitalism.

What is the role of entrepreneurs in capitalist society? How effective are technological policies in changing institutions? Are the economic systems of the United States, Europe and Asia converging? In answer to these questions distinguished contributors – including Paul Krugman – focus on the theoretical foundations of the evolution of capitalist institutions. They apply these theoretical insights to the firm, sectors and economic systems.

The combination of recent developments in theory with empirical studies will ensure that this book is essential reading for all those interested in evolutionary and institutional economics, political economy, technology policy, innovation and knowledge.
‘This book is an important contribution to the growing literature on evolutionary economics, concentrating, as it does, on the human factor in economic evolution and avoiding the unconvincing arguments based almost entirely on mere analogy with biological processes of much of the writing in this field.’
– John Laurent, History of Economics Review
Contributors: L. Bazzoli, R. Boyer, V. Dutraive, A. Ebner, S. Gloria, J. Groenewegen, P. Krugman, B. Loasby, J. Niosi, V. Oltra, E. Screpanti, W. Swaan, J. Vromen
Contents: 1. Implications of Evolutionary Economics; Theory, Method and Policies 2. What Economists Can Learn from Evolutionary Theorists – and Vice Versa 3. Discontinuous Changes in Institutional Systems 4. The Legacy of J.R. Commons’ Conception of Economics as a Science of Behaviour 5. Discovery Versus Creation 6. Uncertainty, Intelligence and Imagination 7. The Diffusion of Organisational Innovations 8. The Variety and the Dynamics of Capitalism 9. Understanding Varieties in the Structure and Performance of National Innovation Systems 10. Capabilities, Tacit Knowledge and Systematic Change 11. An Evolutionary Analysis of Technology Policy Index