Economics and Evolution

Economics and Evolution : Bringing Life Back into Economics

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Description

Economic theory is currently at a crossroads. While in some quarters the preoccupation with a narrow and largely empty formalism reaches unprecedented heights, many leading mainstream economists are calling for a more realistic and practical orientation for economic science. Indeed, there are now many voices suggesting that economics should be reconstructed on evolutionary lines, and a new "evolutionary economics" has emerged from the 1980s. This book is concerned with the application to economics of evolutionary ideas learnt from biology. It contains an examination of the evolutionary ideas of past economic thinkers, including Mandeville, Malthus, Smith, Marx, Menger, Marshall, Veblen, Schumpeter and Hayek. Hodgson argues that the new evolutionary economics can learn much from the differing conceptions of economic evolution which have been developed in the past.show more

Product details

  • Paperback | 320 pages
  • 152 x 229mm | 615g
  • Polity Press
  • Oxford, United Kingdom
  • New edition
  • New edition
  • notes, bibliography, index of names, index of subjects
  • 0745614701
  • 9780745614700

Table of contents

Part I: Introduction: From Conception to Embryo 1. A Brief Diagnosis 2. On Mechanistic and Biological Metaphors 3. Economic Evolution: A Preliminary Taxonomy Part II: Evolution in Economics?: From Mandeville to Marshall 4. Political Economy and the Darwinian Revolution 5. Revolutionary Evolution: Karl Marx and Frederick Engels 6. Herbert Spencer: The Lost Satellite 7. The Mecca of Alfred Marshall 8. Carl Menger and the Evolution of Money Part III: Evolution in Economics?: Three 20th-Century Theorists 9. Thorstein Veblen and Post-Darwinian Economics 10. Joseph Schumpeter and the Evolutionary Process 11. The Evolution of Friedrich Hayek 12. Friedrich Hayek and Spontaneous Order Part IV: Towards an Evolutionary Economics 13. Optimization and Evolution 14. Evolution, Indeterminacy and Intention 15. The Problem of Reductionism in Biology and Economics 16. Bringing Life Back into Economics.show more