Making sense of technology: Towards a synthesis between neoclassical and evolutionary approaches

This paper reveals and analyzes the methodological commitments of two economics-based paradigms, which are used as background theories within production economics. We do not offer any standard survey but a critical methodological review which makes an attempt to show that neoclassical and evolutionary approaches can be viewed as supplementary, not as rival candidates. Both approaches are suitable for some specific decision-making situations. We emphasize that the basic differences can be traced back to cognitive and technological assumptions used. Hence, the use of each approach should be evaluated in light of these criteria. All the results obtained are based on a recent methodological device called the methodology of isolation.