Books and Reviews

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An Evolutionary Theory of Economic Change

This is a classic in evolutionary economics. Nelson and Winter "argue that the emphasis in theorizing about ('modelling')competition should be on the analysis of evolutionary and revolutionary change (the 'perennial gale of creative destruction,' as Schumpeter put it), ratherthan on the conditions for general or partial equilibrium; that motivation should be Simon's 'satisficing' as 'bounded rationality' within an enormously complex world, rather than the maxima/minima calculation emphasized by orthodox micro theory of the past 40 years." (Choice) Bibliography.