Abstract
Evolutionary political economy is the study of social evolution as an open-ended unfolding process pertaining to the organisation and reproduction of the economic system and its constituents in historical context. This chapter argues that evolutionary political economy, in the tradition of classical political economy and Veblen's evolutionary economics, is one of the building blocks of present heterodox economics. It is important to distinguish it from the mainstream evolutionary economics typified by Nelson and Winter's approach. The latter has been largely influenced by Herbert Spencer's evolutionism and Alfred Marshall's quasi-evolutionary economics. Evolutionary political economy provides a more suitable means for analysing the underlying structural causes and effects of anomalies in society.
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