Economic development as an evolutionary process
Bibliographic Data
| ID | 6149858 |
|---|---|
| Authors | Richard R Nelson (Columbia University, corresponding author) |
| Year | 2011 |
| Volume | 1 |
| Issue | 1 |
| Pages | 39-49 |
| Publication date | 2011-04-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | Innovation and Development (JOURNAL) |
| Journal identifiers | ISSN: 2157-9318 • E-ISSN: 2157-930X |
| Publisher | Taylor & Francis (PUBLISHER • GB) |
| DOI | 10.1080/2157930x.2010.551055 |
| OpenAlex | W2036787546 |
| Language | EN |
| Citations received | 13 |
| References cited | 12 |
In this essay I argue that modern evolutionary economic theory provides a much more adequate framework for understanding the economic development process than the neoclassical theory that for many years has dominated mainline economic thinking. I begin my argument by laying out the basic differences between the two theoretical points of view. I then go on to propose that an adequate theory needs to recognize the rich mix of institutions that are involved in economic activity – not just firms, households, and markets – and also that the varied roles of government cannot be understood simply as responses to ‘market failures’. While the early articulations of evolutionary economic theory did not encompass the institutional variety and complexity of modern economies, institutions play a central role in more recent writings. I then will develop the argument that economic development involves the co-evolution of the technologies known and in use, and the institutions supporting and regulating these. This is exactly the perspective provided by modern evolutionary economic theory
Argument (complex analysis · Economic system · Economics · Epistemology · Evolutionary Economics · Evolutionary theory · Government (linguistics · Neoclassical economics · Perspective (graphical · Positive economics · Process (computing · Variety (cybernetics · Computer Science · Culture, Economy, and Development Studies · Economic theories and models · Economic Theory and Institutions
Livelisystems
Knowledge-intensive innovative entrepreneurship integrating Schumpeter, evolutionary economics, and innovation systems
Entrepreneurship, institutional variety and economic development
Reinventing industrial policy at the frontier
Economic Development as a Concept
Towards a Developmental Turn in Evolutionary Economic Geography
Divergent Urban Economic Development
A decade of innovation and development
Innovation studies
Technology transfer? The rise of China and India in green technology sectors
Towards an integrated approach to promoting environmental innovation and national competitiveness
Knowledge, supply and demand in industrial development
The rural transformation of the two rice bowls of Vietnam
| Unique citing works | 13 |
|---|---|
| Citations per year | 0,87 |
| Citation span | 2011 - 2025 (15) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 12 |