Applied Evolutionary Economics

Evolutionary economics differs from the older neo-classical economics due to its theoretical rejection of equilibrium and its greater emphasis on dynamism. After laying out the basic conceptual framework of the field as it has developed since the 1980s, Saviotti (Pierre MendĂŠs U., France) presents 12 examples of it being practiced by a group of mostly European economists. Empirical studies look at network structures in industry, evolution patterns of innovation and product life cycle in the electric motors industry, innovation direction and persistence within refining processes industries, and other topics. These are followed by four simulation studies looking at the dynamics of world income distribution, punctualism and gradualism in economic development, a model of technological succession, and selection and the learning curve.