Innovation, Complexity and Economic Evolution: From Theory to Policy

In order to compete with neoclassical economics as a general-purpose economic theory, evolutionary economics must incorporate new aspects of socioeconomic reality, such as institutions of all types, provide policy implications at least as interesting as those of neoclassical economics, and become evolutionary political economy. The book argues that innovations do not emerge in isolation from other components of socioeconomic systems but coevolve with institutions, infrastructures, and organizational forms, providing a link with theories of complexity. It also explores the policy implications of these innovative societies, where wealth is created but unequally distributed. The book is addressed to open-minded economists, social scientists, technologists, and policy makers.

Format: Hardback
Length: 268 pages
Publication date: 23 March 2023
Publisher: Taylor & Francis Ltd

Evolutionary economics must embrace new facets of socioeconomic reality, including institutions of all kinds, including technical, scientific, and political, if it is to rival neoclassical economics as a comprehensive economic theory. Furthermore, evolutionary economics must be able to offer policy implications that are at least as intriguing as those of neoclassical economics. As this book contends, evolutionary economics must evolve into evolutionary political economy.

Innovation is a key theme in the book, but not in the sense of offering a technologically determinist interpretation. Instead, the book contends that innovations do not arise in isolation from other elements of socioeconomic systems but coevolve with institutions, infrastructures, and organizational structures. This idea of coevolution is absolutely fundamental to the book and provides a connection with complexity theories. In addition to providing an epistemological foundation for evolutionary economics, the link with complexity and coevolution offers the connection with evolutionary political economy. Innovations and technologies do not emerge and develop in an institutional vacuum, but interact with existing institutions and reshape them, in addition to inducing the formation of new institutions. In this process, technologies and institutions reinforce each other, providing a potential mechanism to transform socioeconomic systems.

The book also examines the policy implications of these innovative societies, where wealth is created but unequally distributed.

The book is intended for open-minded economists, social scientists who are dissatisfied with the neoclassical economics approach, technologists, and policy makers.

Weight: 556g
Dimension: 241 x 163 x 22 (mm)
ISBN-13: 9781032278148