07.01.08
Veblen and evolutionary economics
Darwinian Foundations for Evolutionary Economics
Posted on: Tuesday, 1 July 2008, 06:00 CDT
By Stoelhorst, J W
Abstract: This paper engages with the methodological debate on the contribution of Darwinism to Veblen’s (1898) evolutionary research program for economics. I argue that ontological continuity, generalized Darwinism, and multi-level selection are necessary building blocks for an explanatory framework that can fulfill the promise of Veblen’s program. I clarify the causal logic of generalized Darwinism and suggest an ontology for the study of economic development on the basis of multi-level selection theory. Conceptualizing economic development along these lines has interesting implications for the evolutionary analysis of institutions: institutions only become units of selection in the competition between groups of individuals.