Ulrich Witt and Andreas Chai (eds.), Understanding Economic Change. Advances in Evolutionary Economics
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This book, with 12 contributors, is a collection of essays which succeeds to take stock in the field of evolutionary economics. Nowadays, the rapid qualitative change of the economy is evident, as is the corresponding evolution of economic thought. Therefore, this recent publication is a helpful guide for economists and, more generally, actors in, and observers of, “economic change”.
The economy has always been changing, but the pace of the transformation process is accelerating. How can we explain the phenomenon? Is “evolutionary economics” giving the clue to the understanding of the process of change, or does it at least propose a sound theoretical context of interpretation? Those questions are at the core of the book’s project, but the various contributions cast also light on institutional and political issues: How do our democracies cope with the challenge of such a rapid transformation? Are all innovations beneficial for mankind? How is the accelerated economic change connected...