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About The Book
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<p>The new institutional economics offers one of the most exciting research agendas in economics today. Yet can it really explain processes of economic change? <em>Economic Evolution</em> explores three of the main approaches within the new institutional economics:<br>* the new theory of the firm<br>* Nelson and Winter's evolutionary economics <br>* game theoretic accounts of spontaneous evolution.<br>Close analysis reveals that the approaches differ on such fundamental issues as the meaning of terms like `institution' and `evolution'. However the book also uncovers two evolutionary mechanisms that govern processes of economic change in all of these approaches.</p>