Knowledge, Institutions, and Evolution in Economics

Knowledge, Institutions, and Evolution in Economics

Knowledge, Institutions, and Evolution in Economics

Knowledge, Institutions, and Evolution in Economics

Synopsis

Winner of the Schumpeter Prize, 2000 and Winner of the Smith Prize in Austrian Economics, 2000, this book explores how the limitations of human knowledge create both opportunities and problems in the modern economy. The growing field of evolutionary economics has developed as a result of the traditional failure of the discipline to explain certain phenomena that impact greatly on the economy. These are:*Evolution - the impact on the economy of natural change over time*Institutions - the impact on the economy of government and/or company policy, rules and regulations*Knowledge - the impact on the economy that is felt when new information becomes availableKnowledge, Institutions and Evolution in Economics is a punchy overview of these topics and one that has become regarded as something of a modern classic that no serious social sciences academic or student should be without.

Excerpt

At the age of 28, in 1911, Joseph Alois Schumpeter (1883-1950) was appointed to the chair in political economy at the University of Graz, Styria (Austria). He remained a member of the Graz Faculty until 1922. Schumpeter used to call the third decade in the life of an intellectual ‘the sacred age of fertility’. The final part of this age thus fell into his Graz period. His time in Graz was indeed fertile, seeing the publication of some of his major works.

In 1995 the Graz Schumpeter Society was founded. In the same year the Graz Schumpeter Lectures were inaugurated, thanks to generous financial support by the Government of Styria. The Lectures will take place on a yearly basis. A search committee will appoint well ahead of time the Graz Schumpeter Lecturer for a particular year. The Lecturer is chosen on the grounds of his or her originality and scholarship. The aim of the Lectures is to inform about the frontiers of knowledge in fields of socio-economic research characterised by rapid innovation and the potential applicability of the results arrived at in economic and political decision making. The Lectures are also meant to transcend a single disciplinary discourse and lead towards a more comprehensive view of socio-economic phenomena. While for obvious reasons the Lectures are named after Joseph Alois Schumpeter, the concern of the Lectures is not restricted to him and his work. It includes socio-economic study of individual decision making units in relation to their politico-economic environment (Governments, Corporations and Labour Organisations).

Heinz.D. Kurz
(Chairman of the Graz Schumpeter Society) . . .

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