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| Author: | Nelson, R. |
| Title: | Recent evolutionary theorizing about economic change |
| Journal: | Journal of Economic Literature
1995 : MAR, VOL. 33:1, p. 48-90 |
| Index terms: | THEORIES ECONOMICS CHANGE |
| Language: | eng |
| Abstract: | Few economists confuse the formal static or dynamic equilibrium theory with the reality. Most readily acknowledge that at least some economic situations need to be understood as involving significant elements of novelty, so that actors should be regarded as searching for a best action, as contrasted with actually having found it. In their analysis of certain economic phenomena, for example technical advance, many economists recognize that frequent or continuing shocks may make it hazardous to assume that the system ever will get to an equilibrium. |
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