Title
An Evolutionary Theory of Economic Change (Belknap Press),Used
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This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Richard R. Nelson and Sidney G. 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.
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- Q: What is 'An Evolutionary Theory of Economic Change' about? A: This book critiques mainstream neoclassical economics, focusing on how firms and industries evolve over time. The authors, Richard R. Nelson and Sidney G. Winter, argue that traditional assumptions like profit maximization are inadequate for analyzing technological innovation and competition.
- Q: Who are the authors of this book? A: The book is authored by Richard R. Nelson and Sidney G. Winter, both prominent figures in the field of economics.
- Q: What are the key concepts discussed in the book? A: Key concepts include the critique of neoclassical economics, the application of natural selection to business behavior, and the dynamics of competitive firm behavior under growth and technological change.
- Q: How many pages does this book have? A: The book contains 452 pages.
- Q: What is the publication date of 'An Evolutionary Theory of Economic Change'? A: The book was published on August 5, 2006.
- Q: What is the condition of the book? A: The book is in new condition.
- Q: Is this book available in different formats? A: This edition is available in paperback format.
- Q: What topics does this book have implications for? A: The book has important implications for welfare economics and government policy towards industry.
- Q: Is prior knowledge of economics required to understand this book? A: While some understanding of economics may be beneficial, the book aims to address a broad audience interested in economic theory and business dynamics.
- Q: Can this book help in understanding technological change in industries? A: Yes, the book provides a framework for analyzing how technological change influences competition and business behavior in industries.