Evolution in Markets and Institutions

Evolutionary economics is the most challenging unorthodox approach to economic theory that has been developed in the last decades. The present volume offers a survey as well as a carefully selected sample of important new insights from a broad range of topics in economics: - the dynamics of institutional change - aggregate employment effects of diffusing innovations - institutional regimes of long run growth - indeterminaciesresulting expectation formation in the economy - the synergetic approach and its application to market morphology. The volume documentsa variety of modeling tools in evolutionary economics and offers a series ofstimulating hypotheses and research results. Its reading is a `must' for all scholars with an interest in economic change.

Inhalt
Evolutionary economics: Some principles.- How do conventions evolve?.- Innovation diffusion, employment and wage policy.- Land use systems and property rights. Evolutionary versus new institutional economics.- The genesis of expectations and of sunspot equilibria.- The master equation approach to nonlinear economics.- Appendix: Programme of the Joint Sessions.