The Foundations of Evolutionary Institutional Economics - 9780415810760

Evolutionary economics implicitly deals with generic analysis of economic processes, but thus far there have been relatively few attempts to make this stream of thought and analysis explicit within a common theoretical framework. This book explores the foundational principles of evolutionary institutional economics, with the aim of establishing common ground for scientific self-sufficiency and openness to pluralism, and of establishing the theoretical, analytical and methodological categories of a Generic Institutionalism.

The main objective of the book is to synthesize institutional analysis by using an evolutionary open system perspective of research. Therefore the book digs deeply into the still ongoing discussion regarding ontological foundations of evolutionary economics. Issues covered include where and how institutionalists may engage with policy research, and how we are able to model institutional change along the theoretical and analytical thought lines previously established. The book closes with a prototype of an archetypical agent based model of the emergence and exit of institutions.

This volume is unique in providing an integrated approach for the analysis of evolving institutional systems. It offers both a detailed description of the grand picture of evolutionary economics, as well as a very deep analysis of its constituents and related policy arenas. The theory, analysis and methodology offered here will provide standard frameworks for scholars as well as their students.