THEORIES OF ECONOMIC EVOLUTION: A PRELIMINARY TAXONOMY

Abstract

A number of recent theoretical works in economics are described as 'evolutionary' in approach, yet the term is often used in an imprecise way without close attention to the biological analogue. In this essay, a preliminary taxonomy of evolutionary economic theory is proposed. Illustrative cases are briefly discussed, citing the works of Smith, Malthus, Marx, Hobson, Marshall, Veblen, Schumpeter, Hayek, Nelson, and Winter. It is argued that the analogy with biological evolution has to be employed with more precision if there is to be a more rigorous and fruitful approach to evolutionary theory and modeling in economics. Copyright 1993 by Blackwell Publishers Ltd and The Victoria University of Manchester