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Clifford S. Poirot

In: 21st Century Economics: A Reference Handbook

Chapter 90: Evolutionary Economics

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Evolutionary Economics
Evolutionary economics

Evolutionary economics has gained increasing acceptance as a field of economics that focuses on change over time in the process of material provisioning (production, distribution, and consumption) and the social institutions that surround that process. It is closely related to, and often draws on research in, other disciplines such as economic sociology, economic anthropology, and international political economy. It has important implications for many other fields in economics, including, but not limited to, growth theory, economic development, economic history, political economy, history of thought, gender economics, industrial organization, the study of business cycles, and financial crises.

Historically, evolutionary economics was the province of critics of the mainstream, neoclassical tradition. Both Marxist and original institutional economists (OIE) have long asserted the importance and relevance ...

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