An Evolutionary Theory Of Economic Change by Richard R. Nelson
Presents an evolutionary account of economic change in which firms operate with bounded rationality and rely on routines that evolve through innovation, imitation, and competitive selection. Markets function as selection environments, rewarding more effective routines and shaping industry dynamics, technological trajectories, and productivity growth. The approach explains path dependence and persistent performance differences across firms and sectors better than equilibrium-based models, supported by simulation results. It also underscores the policy relevance of fostering innovation and the institutional contexts that guide long-run economic development.
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- Published
- 1982
- Nationality
- American
- Length
- Moderate
- Pages
- 437–472
- Original Language
- English
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