nep-evo New Economics Papers
on Evolutionary Economics
Issue of 2009‒01‒31
four papers chosen by
Matthew Baker
City University of New York

  1. The Evolution of Time Preference with Aggregate Uncertainty By Arthur J. Robson; Larry Samuelson
  2. Outlining the distinguishing characteristics of an evolutionary theory of innovation By Tommy Clausen
  3. Human Capital: an Institutional Economics point of view By Germana Bottone
  4. Evolutionary Dynamics of Globalization By Naci Canpolat; Hüseyin Özel

  1. By: Arthur J. Robson; Larry Samuelson
    Date: 2009–01–15
  2. By: Tommy Clausen (Nordland Research Institute, Bodø)
    Abstract: This paper discusses notions of theory in relation to evolutionary understandings of innovation. It starts by empirically demonstrating the relevance of evolutionary perspectives – broadly defined – for understanding the “basics of what’s going on” in the economic sphere when it comes to innovation. It continues to argue and show that appreciative evolutionary understandings of innovation are connected to the Darwinian processes of variation, selection and retention in the theoretical “high range”. Multilevel theorizing, where researchers move between different levels and degrees of abstraction is therefore a key feature of an evolutionary theory of innovation. The paper ends by identifying puzzles and research challenges that evolutionary reasoning with respect to innovation need to address.
    Keywords: Innovation, evolutionary theory.
    Date: 2009–01
  3. By: Germana Bottone (ISAE)
    Abstract: Human capital is usually defined as “The aggregation of investments, such as education and on the job training that improves the individual’s productivity in the labour market”. The initial definition did not take into account some central aspects of “human capital”, owing to a supposed analogy with physical capital. But even though, from an economic point of view, there are some similarities, human beings are more complex than automatic machines. More recently, it has been attempted to articulate a more extensive definition of “human capital” by considering all the attributes embodied in individuals relevant to economic activity”. Nevertheless, the evolution of human capital definition is in some way restricted to its economic meaning, neglecting the intrinsic complexity of the concept that demands an in-depth re-examination of its social and cultural value. In order to achieve deeper understanding of the multiplicity of aspects making up human capital, we are going to make use of the main concepts of institutional and evolutionary economics..
    Keywords: Human capital, Institutional Economics, lifelong learning, Institutional quality
    JEL: J24 J31
    Date: 2008–12
  4. By: Naci Canpolat (Hacettepe University); Hüseyin Özel (Hacettepe University)
    Abstract: The expansion of markets –globalization– was reversed during early 20th century and unfettered markets gave in to the welfare state and central planning. But the markets have been striking back since the early 1980s. Governments are withdrawn from economic activities, and many structural market reforms are implemented. Now the question is: Can the forces that market expansion create again reverse this expansion? This paper seeks an answer to this question by constructing an evolutionary game theoretical framework in which market and “egalitarian” societies appear as evolutionarily stable states and shows that catastrophic events such as the Great Depression can indeed cause switch over between evolutionarily stable states.
    Keywords: globalization, evolutionary game theory, evolutionarily stable states, behavioural strategies
    JEL: B52 C73
    Date: 2008

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