"Unsuccessfully Evolved Competitive Process: A Comment on Evolutionary Economics and Creative Destruction"

Research output: Contribution to journalArticle

Abstract

"Evolutionary economics has been a gradually forming trend in economics since the 1970s and 1980s. Although it gives an opinion on the equilibrium paradigm of neo-classical economics and the excessive mathematical formalism, it is confined to oppose the whole system of mainstream economics from a certain aspect, or to oppose the aspects that the mainstream economists extract. Thereby, in terms of scientific accuracy, evolutionary economics does not step further than mainstream economics. Metcalfe’s failure to evolve the competitive process in his book Evolutionary Economics and Creative Destruction provides a real example."
Original languageEnglish
Pages (from-to)157-169
Number of pages13
JournalWorld Review of Political Economy
Volume1
Issue number1
Publication statusPublished - 2010

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Creative destruction
Evolutionary economics
Mainstream economics
Economics
Economists
Neoclassical economics
Paradigm
Formalism

Keywords

  • evolutionary economics
  • competitive process
  • mainstream economics

Cite this

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title = "{"}Unsuccessfully Evolved Competitive Process: A Comment on Evolutionary Economics and Creative Destruction{"}",
abstract = "{"}Evolutionary economics has been a gradually forming trend in economics since the 1970s and 1980s. Although it gives an opinion on the equilibrium paradigm of neo-classical economics and the excessive mathematical formalism, it is confined to oppose the whole system of mainstream economics from a certain aspect, or to oppose the aspects that the mainstream economists extract. Thereby, in terms of scientific accuracy, evolutionary economics does not step further than mainstream economics. Metcalfe’s failure to evolve the competitive process in his book Evolutionary Economics and Creative Destruction provides a real example.{"}",
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AB - "Evolutionary economics has been a gradually forming trend in economics since the 1970s and 1980s. Although it gives an opinion on the equilibrium paradigm of neo-classical economics and the excessive mathematical formalism, it is confined to oppose the whole system of mainstream economics from a certain aspect, or to oppose the aspects that the mainstream economists extract. Thereby, in terms of scientific accuracy, evolutionary economics does not step further than mainstream economics. Metcalfe’s failure to evolve the competitive process in his book Evolutionary Economics and Creative Destruction provides a real example."

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