Economic Evolution of National Systems

The idea that biology rather than physics provides the proper model for economics is a constantly recurring one. There is an increased concern with dynamics, competitiveness, and innovation which appear to be important elements in generating the increased interest in the evolutionary model of economic behavior. The first part of this article briefly addresses conceptual issues, and argues that the basic unit of analysis should be “national systems of political economy.” Next, I analyze and compare the American and Japanese economies. Finally, I set forth a few speculations about whether or not one can evaluate these systems in evolutionary terms. My conclusion is that while evolutionary theory is a promising and fascinating approach to the study of economic systems, it is not yet a satisfactory one.

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