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The Reconstruction of the Theory of Production and Preference

In: Evolutionary Economics

Author

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  • Yuji Aruka

Abstract

This article was originally designed to comment an unprecedented bibliometric study of evolutionary economics by HodgsonHodgson, G.M. and Lamberg (2016). However, Hodgson only reported the historical trajectory and the current situations of evolutionary economics initiated by since Nelson RR Winter SG Nelson and Winter (1982). He gave an insightful consideration about the raison d’être of evolutionary economicsEvolutionary economics. According to his opinion, evolutionary economics is still failing to equip the core theoriesCore theories. We naturally agree with his remarks on the current situations around evolutionary economics. We take this opportunity to squarely address the subject about how to insert the core theories into evolutionary economics. We argue that the alternative candidates to be replaced with the main stream core theories are in the following ordering:(1) the theory of production to invalidate myopic optimizationMyopic optimization, (2) the theory of preference to invalidate myopic optimization, (3) the SMD Theorem to invalidate invisible handInvisible hand, and (4) the market mechanism to invalidate the efficient market hypothesisEfficient market hypothesis. Needless to say, the alternative theories shown in these arguments imply the reconstruction of economics. Finally, we address the current analysis of bibliometrics.

Suggested Citation

  • Yuji Aruka, 2024. "The Reconstruction of the Theory of Production and Preference," Springer Texts in Business and Economics, in: Evolutionary Economics, chapter 0, pages 137-160, Springer.
    • Handle: RePEc:spr:sptchp:978-981-97-1382-0_8
    DOI: 10.1007/978-981-97-1382-0_8
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