Applied Evolutionary Economics and Complex Systems

Abstract

'This book reflects the new level of maturity of evolutionary and institutional economics. The field of evolutionary economics has moved beyond merely describing the economy as an evolving complex system and is now developing empirically testable models of economic evolution. This book is a major contribution to the revolution now taking place in economic theory as traditional welfare economics is being replaced by more realistic models of human behavior and economic organisation.'- John Gowdy, Rensselaer Polytechnic Institute, US 'Statistical analogies and hypotheses testing now attract increasing attention in the evolutionary approach to economics. As much as evolutionary theorizing calls for new concepts to be able to go beyond static equilibrium analysis, as much does empirical work in evolutionary economics require an extension of the tool box of linear time series analysis and statistics. Foster and Holzl have brought together an excellent collection of papers highlighting both the broad range of problems facing such an extension and the possible solutions. The methodological studies and the practical applications in this volume represent a guide post for future empirical work in evolutionary economics.'- Ulrich Witt, Max Planck Institute, Jena, Germany This book takes up the challenge of developing an empirically based foundation for evolutionary economics built upon complex system theory.