Marshall's Evolutionary Economics


Book Description

Alfred Marshall was one of the most important economists ever to have lived. This excellent new book, from a Marshall expert respected the world over, attempts to show that Marshall anticipated some of the views that are now associated with the cognitive sciences. Examining Marshall's philosophy of the human mind, his overall approach to economics, his concern for socio-economic issues, and the fertility of his framework, this book breathes fresh life into the fascinating world of Marshallian economics.




An Evolutionary Theory of Economic Change


Book Description

This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms. To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium. The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.




The Economics of Alfred Marshall


Book Description

The Economics of Alfred Marshall brings together a number of leading international scholars for a timely reappraisal of Marshall's contribution to the development of economics. The aims of the contributors are firstly to revisit the work of Alfred Marshall and to investigate the unity of his projects, which contemporary authors often tend to underestimate; and secondly to show how Marshall's approach is not only a subject for historians of economic thought, but may also provide a message that is relevant for the progress of economics.




Marshall, Marshallians and Industrial Economics


Book Description

This book focuses on both Marshall and the Marshallian tradition, revisiting the 1920s and 1930s debates on business size, external economies, coordination and management costs including contributions from Roger Backhouse and Richard Arena.




Modern Evolutionary Economics


Book Description

Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evolutionary economics, reviewing in detail how this perspective has been manifest in various areas of economic inquiry where evolutionary economists have been active. Providing the perfect overview for interested economists and social scientists, readers will learn how in each of the diverse fields featured, evolutionary economics has enabled an improved understanding of how and why economic progress occurs.




Marshall's Evolutionary Economics


Book Description

Alfred Marshall was one of the most important economists ever to have lived. This excellent new book, from a Marshall expert respected the world over, attempts to show that Marshall anticipated some of the views that are now associated with the cognitive sciences. Examining Marshall's philosophy of the human mind, his overall approach to economics, his concern for socio-economic issues, and the fertility of his framework, this book breathes fresh life into the fascinating world of Marshallian economics.




Economics and Evolution


Book Description

How evolutionary ideas can be used to reconstruct economics.




Evolutionary and Neo-Schumpeterian Approaches to Economics


Book Description

not gentle to the capitalists" (Schumpeter, 1991). Thus, by instead portraying the conflict between entreprenuerial activity and the sociology of the modern state, he came quite close to the analysis carried out by Thorstein Veblen some decades earlier, who emphasized the conflict between p- gressive technology and the institutions of a contemporary "predatory dynastic State of early modern times, superficially altered by a suffusion of democratic and parliamentary institutions" (Veblen, 1964, p. 398). Modern neo-Schumpeterian approaches have continued to build on this groundwork provided by their master. During recent years there has been a great upsurge of discussion on technology, innovations, technological regimes, etc. from the dynamic perspective provided by Schumpeter (Dosi, 1984, Rosegger, 1985; Dosi et al., 1988). Thus the search process for (t- poral) extra profits has been stressed and has been used for modelling attempts. The wider institutional framework for technological change and innovation activity has also been strongly developed more recently. Hence emphasis has grown in the study of technological and industrial regimes, path dependency, and the network approach, developed recently, that social relationships structure the opportunities and constraints that face firms and agents that, for example, carry out innovations (Snehota, 1990).




Social Evolution and Inclusive Fitness Theory


Book Description

Social behavior has long puzzled evolutionary biologists, since the classical theory of natural selection maintains that individuals should not sacrifice their own fitness to affect that of others. Social Evolution and Inclusive Fitness Theory argues that a theory first presented in 1963 by William D. Hamilton—inclusive fitness theory—provides the most fundamental and general explanation for the evolution and maintenance of social behavior in the natural world. James Marshall guides readers through the vast and confusing literature on the evolution of social behavior, introducing and explaining the competing theories that claim to provide answers to questions such as why animals evolve to behave altruistically. Using simple statistical language and techniques that practicing biologists will be familiar with, he provides a comprehensive yet easily understandable treatment of key concepts and their repeated misinterpretations. Particular attention is paid to how more realistic features of behavior, such as nonadditivity and conditionality, can complicate analysis. Marshall highlights the general problem of identifying the underlying causes of evolutionary change, and proposes fruitful approaches to doing so in the study of social evolution. Social Evolution and Inclusive Fitness Theory describes how inclusive fitness theory addresses both simple and complex social scenarios, the controversies surrounding the theory, and how experimental work supports the theory as the most powerful explanation for social behavior and its evolution.




The Elgar Companion to Alfred Marshall


Book Description

In light of the recent and ongoing surge of interest in Alfred Marshall's work, this new and original reference volume fills a gap in the literature through a detailed examination of his thought and of his contributions to economics and social science. The Companion places Alfred Marshall's ideas in their historical context, highlighting the many streams of social research originating from them. The contributors form a remarkable cast of leading experts, covering a spectrum of Marshallian themes and issues, including: - his life and work - background and influences - scope and methodology of economics - economic analysis - including distribution theory, industrial economics and money - social and political issues - relations with his contemporaries - the Marshallian tradition - relevance to contemporary economics. This comprehensive and multidisciplinary Companion illustrates the relevance of Marshall to present-day economic reality and as such will prove an invaluable reference tool for general economists and a wide ranging audience: historians of economic thought; economic, political and cultural historians; industrial, regional and development economists; economists interested in institutional, cognitive and evolutionary economics.