Economics, Econometrics and Finance
8 years ago

Evolutionary Economic Theory Unveils Key to Sustainable Technological Progress

Oxford Development Studies
Economic Development from the Perspective of Evolutionary Economic Theory
Richard R. Nelson

Paper Summary

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Economic development is like a natural evolution, driven by learning new technologies. This theory challenges traditional economic ideas and emphasizes the importance of institutions in shaping economic systems. The key finding is that long-term economic change involves the co-evolution of technologies and the institutions that support them.