An Evolutionary Theory of Economic Change¶
Nelson, R. R., & Winter, S. G. (1982). An Evolutionary Theory of Economic Change. Harvard University Press.
Cited by¶
3 citations across 3 artifacts.
Each citation links to the sentence it supports in the citing article.
Primes¶
- Habit
- In organizational practice, the routines of evolutionary economics are the institutional analogue — fixed action sequences triggered by recurring situational cues, executed without re-deriving the decision and persisting under apparent payoff-change
This sourceModels firms as bundles of cue-triggered routines executed without re-deriving the decision — the organizational analogue of habit.
- In organizational practice, the routines of evolutionary economics are the institutional analogue — fixed action sequences triggered by recurring situational cues, executed without re-deriving the decision and persisting under apparent payoff-change
- Natural Selection
- In economics and management, market selection winnows firms: a population of firms varies in strategy and efficiency, the market confers differential survival (profit, bankruptcy) as the selection pressure, and surviving practices are retained and imitated, so the population of firms adapts to the competitive environment without any single planner steering it — the basis of evolutionary economics.
This sourceFounds evolutionary economics: firms vary in routines, the market confers differential survival, and successful practices are retained and imitated — market selection as the natural-selection engine.
- In economics and management, market selection winnows firms: a population of firms varies in strategy and efficiency, the market confers differential survival (profit, bankruptcy) as the selection pressure, and surviving practices are retained and imitated, so the population of firms adapts to the competitive environment without any single planner steering it — the basis of evolutionary economics.
- Reinforcement
- From evolution to organizational learning, the variation-selection-retention triple ports from natural selection to organizational routines, with reinforcement supplying the selection step.
This sourcePorts the variation-selection-retention triple from natural selection to organizational routines.
- From evolution to organizational learning, the variation-selection-retention triple ports from natural selection to organizational routines, with reinforcement supplying the selection step.
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