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Journal Article

"Why Is Economics Not an Evolutionary Science?" New Answers to Veblen's Old Question


Dobusch,  Leonhard
Projekte von Gastwissenschaftlern und Postdoc-Stipendiaten, MPI for the Study of Societies, Max Planck Society;
Freie Universität Berlin;

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Dobusch, L., & Kapeller, J. (2009). "Why Is Economics Not an Evolutionary Science?" New Answers to Veblen's Old Question. Journal of Economic Issues, 43(4), 867-898. doi:10.2753/JEI0021-3624430403.

Cite as: https://hdl.handle.net/11858/00-001M-0000-0012-45CD-E
Addressing the question why Economics as a discipline is not subject to evolutive processes itself, we explain the paradigmatical dominance of neoclassical theories in Economics as a path dependent process. Recognizing economics as "locked into neoclassical thinking," we first identify three positive feedback mechanisms leading to strong barriers to paradigmatic change: coordination, complementarity, and learning mechanisms. In a second step, we show how actors strategically enforce these mechanisms via distinct "amplifiers." We then try to use this theoretical perspective to cursorily describe potentially path-breaking strategies.