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THE POLITICAL ECONOMY OF DIVERSITY
Evolutionary Perspectives on Economic Order and Disorder
This important volume of original essays by a distinguished group of scholars from the evolutionary, institutional and socio-economic schools makes a major contribution to the reconstruction of political economy as an evolutionary science.
The book explores the consequences of adopting a broader approach to economics taking into account issues such as historical time and change, individual-institutional interaction, uncertainty and procedural rationality. This carefully edited selection of papers focuses on four themes: theoretical foundations, policy making, empirical enquiry and modelling. A political economy of diversity is advocated by the contributors with analytical specificity and originality applied to a series of topics including industrial and market restructuring, technological change, ecological sustainability, development, monetary aggregates and governmental policy making.
By recognising the importance of accepting diversity and complexity when applying economic analysis, this unique and provocative volume makes a seminal contribution at the frontiers of economic theory and identifies a common theme in non-orthodox scholarship.
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What Reviewers Are Saying
`Overall, this volume effectively illustrates the continuing creativity of heterodox evolutionary economists. The authors are not afraid to take risks in pushing hard for fresh ideas and new ways of tackling policy problems. . . . These essays are well-grounded in modern social science, bristle with originality, address crucial methodological and theoretical issues, and do not shy from modern technical models.' -- John Adams, Journal of Economic Issues `This is a welcome and valuable addition to a growing literature that challenges economic orthodoxy by offering other perspectives, which are firmly rooted in 19th-century traditions of classical economics and Marxism as well as 20th-century legacies of Marshall and Veblen, in dealing with current economic issues.' -- Ali Shamsavari, The Economic Journal