Abstract
This chapter addresses the current growth and popularity of “evolutionary economics” and examines its meaning and potential. The growth in “evolutionary” ideas in economics is put in historic context before examining the various strands of evolutionary theory. The link between modern evolutionary economics and the “old” institutionalism of Veblen and others is explored, alongside the Marxian, Austrian, and Schumpeterian traditions. Returning to the modern situation, it is suggested that formalist strains of both evolutionary and mainstream economics have difficulty in incorporating the key evolutionary concept of novelty. Examining both the historic legacy and the philosophical underpinnings suggests a distinctive identity based on the incorporation of emergent properties and the rejection of reductionist theorizing. The development of modern evolutionary economics may be all the stronger in doing so if it acquires a clear understanding of its own philosophical underpinnings and its own past.
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