Journal of Economic Issues

Founded in 1967, the Journal of Economic Issues is a quarterly journal that publishes articles on economic methodology, economic control and policy problems. It also contains book reviews and proceedings of annual meetings conducted by the Association of Evolutionary Economics, its publisher.It is edited by Richard V. Adkisson.

Articles from Vol. 37, No. 1, March

Are Institutionalists an Endangered Species?
It has been fifty years since David Hamilton published his provocative book, Newtonian Classicism and Darwinian Institutionalism. A revised edition of this book was published as Evolutionary Economics: A Study of Change in Economic Thought in 1970,...
A Selected Bibliography of David Hamilton's Works
These selected works include the original publication of his classic book on Newtonian versus Darwinian economics and its latest reprint under a new title, his books on poverty and on the consumer, his difficult-to-find "Taking the Lead" article, plus...
Books Received
ABED, GEORGE T., and SANJEEV GUPTA, eds. Governance, Corruption, and Economic Performance. Washington, D.C.: International Monetary Fund, 2002. Pp. 564. Paper $37.50. ACS, ZOLTAN J. Innovation and the Growth of Cities. Northampton, Mass.: Edward...
Darwinism and Institutional Economics
Thorstein Veblen proposed that economics should be reconstructed as a "post-Darwinian" science. One of the aims of this essay is to explore the meaning of this statement. A second aim is to show that American institutional economics had largely abandoned...
David Hamilton: A Radical's Institutionalist
David Hamilton is an outstanding economist. He has written three important books, all of them institutionalist in origin and outlook. One is on evolutionary versus equilibrium economics, another on consumer economics, and another on poverty. His book...
Editor's Note
What is evolutionary economics? As I Contemplated assuming the duties of editor of the Journal of Economic Issues, I considered this question often and at length. After all, the Association for Evolutionary Economics sponsors the JEI. What should my...
Evolution and Stasis: The Institutional Economics of David Hamilton
The demise of institutional economics has been proclaimed on more than a few occasions. For the most part the eulogies are delivered by traditional economists. The history related is one of an intellectual comet that burned brightly, but briefly, and...
Evolutionary Economics from a Radical Perspective
David Hamilton's book, Evolutionary Economics: A Study of Change in Economic Thought, (1999) is a masterpiece of elegant writing and brilliant insights. I learned much when I read it several decades ago and perhaps even more from the present reading....
Hamiltonian and Teleological Dynamics a Century after Veblen
David Hamilton's book, Evolutionary Economics: A Study of Change in Economic Thought (1953), is now fifty years old. Soon after its publication, Hamilton's book became a classic in the literature of institutionalism and justifiably remains so today....
Institutionalism: On the Need to Firm Up Notions of Social Structure and the Human Subject
Within (old) institutionalist theorizing there has been a widespread tendency for institutions and technology to be treated in a somewhat dichotomous fashion, with the former regarded as synonymous with constraint, rigidity, or stasis and the latter...
Internal Processes of Evolutionary Change within an Institutional Genre: The Case of Universities
David Hamilton's Evolutionary Economics has accomplished much more than defining critical differences between the classical approach to economics and the evolutionary economics approach. In text and spirit, the book has provided stimulus and guidance...
It's Culture All the Way Down
In Steven Hawking's famous book A B Brief History of Time he began by recounting (a possibly apocryphal) story of a comment at a public lecture by a famous scientist. An older woman got up and said: "What you have told us is rubbish. The world is...
Mr. Hamilton, Mr. Forrester, and a Foundation for Evolutionary Economics
In his seminal 1953 book, David Hamilton argued that classical economics, (1) which first came of age during the intellectual revolution of Isaac Newton, is based on the notion of Newtonian change, and that institutional economics, which first came...
Muck and Magic or Change and Progress: Vitalism versus Hamiltonian Matter-of-Fact Knowledge
In chapter V, titled "Change and Progress," in his now classic Evolutionary Economics: A Study of Change in Economic Thought, David Hamilton contrasted beliefs in magic and mystic potencies with the matter-of-fact knowledge of technology in the form...
Technology Is Not Ancillary: The Dramatic and Prosaic in Economic Theory
In the opening passages of his Theory of Business Enterprise, Thorstein Veblen observed that the modern economy manifested two major characteristics, business and industry. This dichotomy not only characterizes the modern economy, but it also runs...
The Evolution of Evolutionary Economics: The Saga of a Wayward Book
Newtonian Classicism and Darwinian Institutionalism, the precursor of Evolutionary Economics, was published by the University of New Mexico Press in 1953. It was published in what was called "the scholarly series" and was bound in gray heavy cover...