Pavel Pelikan, Gerhard Wegner (eds): The Evolutionary Analysis of Economic Policy
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Non-mainstream economics has collected a number of Nobel prizes in economics in the last decades; among the winners are such distinguished scientists as Friedrich August von Hayek, James Buchanan, Douglass North and Ronald Coase. Apart from showing the variety of approaches in economics, this honor demonstrates their merits. It also should provide the disciples of the above mentioned scholars some certainty that they indeed have something substantial to offer to the world. Unfortunately, most of the authors in the book under review, entitled The Evolutionary Analysis of Economic Policy, do not trust themselves fully and tend to base their arguments on perceived weaknesses of mainstream economics—as if they need the latter as justification for their own existence. It seems time for the proponents of evolutionary economics to argue their case more self-confidentially and base their arguments on the problems at hand.
Indeed, if one looks at economic policy and its development over time,...