Description: Further DetailsTitle: An Evolutionary Theory of Economic ChangeCondition: NewEAN: 9780674272286ISBN: 9780674272286Publisher: The Belknap PressFormat: PaperbackRelease Date: 08/05/2006Item Height: 229mmItem Length: 152mmItem Weight: 640gAuthor: Richard R. Nelson, Sidney G. WinterLanguage: EnglishISBN-10: 0674272285Description: This book contains the most sustained and serious attack on mainstream, neoclassical economics in more than forty years. Richard R. Nelson and Sidney G. Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms.To replace these assumptions, they borrow from biology the concept of natural selection to construct a precise and detailed evolutionary theory of business behavior. They grant that films are motivated by profit and engage in search for ways of improving profits, but they do not consider them to be profit maximizing. Likewise, they emphasize the tendency for the more profitable firms to drive the less profitable ones out of business, but they do not focus their analysis on hypothetical states of industry equilibrium.The results of their new paradigm and analytical framework are impressive. Not only have they been able to develop more coherent and powerful models of competitive firm dynamics under conditions of growth and technological change, but their approach is compatible with findings in psychology and other social sciences. Finally, their work has important implications for welfare economics and for government policy toward industry.Country/Region of Manufacture: USGenre: Business & FinanceRelease Year: 2006 Missing Information?Please contact us if any details are missing and where possible we will add the information to our listing.
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Book Title: An Evolutionary Theory of Economic Change
Title: An Evolutionary Theory of Economic Change
EAN: 9780674272286
ISBN: 9780674272286
Release Date: 08/05/2006
Release Year: 2006
ISBN-10: 0674272285
Country/Region of Manufacture: US
Genre: Business & Finance
Number of Pages: 400 Pages
Language: English
Publication Name: Evolutionary Theory of Economic Change
Publisher: Harvard University Press
Subject: Economic History, Development / Economic Development, Economics / General
Item Height: 1 in
Publication Year: 1985
Item Weight: 23.6 Oz
Type: Textbook
Author: Richard R. Nelson, Sidney G. Winter
Item Length: 8.9 in
Subject Area: Business & Economics
Item Width: 6.6 in
Format: Trade Paperback
