The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? Economic Evolution explores three of the main approaches within the new institutional economics:
* the new theory of the firm,
* Nelson and Winter's evolutionary economics
* game theoretic accounts of spontaneous evolution.
Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like `institution' and `evolution'. However, the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches.
`I think this is a wonderful book. The author considers a wide range of literatures, and discusses each with sophistication and subtlety ... I learned a lot from what he had to say.' - Richard Nelson, Columbia University
'It is to Vromen's credit that he makes a difficult subject accessible...A fascinating book' -SRH Jones, Business History