Economic Selection Theory

Research output: Contribution to journalJournal articleResearchpeer-review

Abstract

The present article provides a minimal description of the causal structure of economic selection theory and outlines how the internal selection dynamics of business organisations can be reconciled with selection in competitive markets. In addition to generic similarity in terms of the Darwinian principles of variation, continuity and selection, it is argued that economic selection theory should mimic the causal structure of neo-Darwinian theory. Two of the most influential explanations of economic evolution, Alchian's and Nelson and Winter's, are used to illustrate how this could be achieved.
Original languageEnglish
JournalJournal of Evolutionary Economics
Volume12
Pages (from-to)443-470
ISSN0936-9937
Publication statusPublished - 2003

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Economics
Continuity
Economic evolution
Competitive market
Business organization
Winter

Keywords

  • Economic
  • Selection
  • Competitive-selection
  • Managerial-selection
  • Local copy-selection
  • Routines
  • Replication
  • Evolutionary economics
  • Darwinism

Cite this

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abstract = "The present article provides a minimal description of the causal structure of economic selection theory and outlines how the internal selection dynamics of business organisations can be reconciled with selection in competitive markets. In addition to generic similarity in terms of the Darwinian principles of variation, continuity and selection, it is argued that economic selection theory should mimic the causal structure of neo-Darwinian theory. Two of the most influential explanations of economic evolution, Alchian's and Nelson and Winter's, are used to illustrate how this could be achieved.",
keywords = "Economic, Selection, Competitive-selection, Managerial-selection, Local copy-selection, Routines, Replication, Evolutionary economics, Darwinism",
author = "Thorbj{\o}rn Knudsen",
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journal = "Journal of Evolutionary Economics",
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Economic Selection Theory. / Knudsen, Thorbjørn.

In: Journal of Evolutionary Economics, Vol. 12, 2003, p. 443-470.

Research output: Contribution to journalJournal articleResearchpeer-review

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AB - The present article provides a minimal description of the causal structure of economic selection theory and outlines how the internal selection dynamics of business organisations can be reconciled with selection in competitive markets. In addition to generic similarity in terms of the Darwinian principles of variation, continuity and selection, it is argued that economic selection theory should mimic the causal structure of neo-Darwinian theory. Two of the most influential explanations of economic evolution, Alchian's and Nelson and Winter's, are used to illustrate how this could be achieved.

KW - Economic

KW - Selection

KW - Competitive-selection

KW - Managerial-selection

KW - Local copy-selection

KW - Routines

KW - Replication

KW - Evolutionary economics

KW - Darwinism

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