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Modern evolutionary economics is now nearly two decades old and in this excellent book, now available in paperback, a distinguished group of evolutionary economists identify the most important developments and discuss the direction of future research.
By moving away from traditional concerns with the operation of selection mechanisms towards a preoccupation with the manner in which the novelty and variety provide fuel for such mechanisms, the authors identify a key development in the field. Evolutionary economists have been drawn into the modern complexity science literature which attempts to provide an understanding of how and why ‘complex adaptive systems’ engage in processes of self-organization. The goal is to provide an integrated analysis of both selection and self-organization that is uniquely economic in orientation.
After a brief overview of the many key achievements and continuing challenges, the first part of the book deals with theoretical perspectives, discussing institutional change, social constructions, complexity, selection and self-selection and the usefulness of theory. Part two deals with empirical perspectives and includes discussion of replicator dynamics, the measurement of heterogeneity and complexity, and modeling organizations as complex adaptive systems.
This unique book will appeal to evolutionary and industrial economists and policymakers involved with issues of innovation and management scientists.
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John Foster, Professor of Economics and Head, School of Economics, University of Queensland, Australia and J. Stanley Metcalfe, Stanley Jevons Professor of Economics and Co-Director, ESRC Centre for Research on Innovation and Competition, University of Manchester, UKReview:
`This compilation by leading protagonists is a must for a greater understanding of the world we are living in and wanting to see change for the better.' -- Gerry Sweeney, Prometheus
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