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Evolutionary economics has become a major heterodox approach over the last decades. Its roots can be traced back to Schumpeter and Veblen. More recently, an important role is also played by analogies to evolutionary biology, notably to natural selection models. As this research review explains, the approach of evolutionary economics offers an improved understanding of market processes, industry dynamics, structural change, and economic growth as being driven by human innovativeness.

2.75 pounds