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Merging institutionalism and the Evolution theory

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  • Marcho Markov

Abstract

The article analyses the main postulates of the evolution – institutional theory, that has emerged in 1980s as a unity of the third stage of the development of the "old" institutionalism and the evolution economic theory. The main achievements of three representatives of this trend are presented: Jeffrey Hodgson, England, Ernesto Screpanti, Italy, and Lars Magnusson, Sweden. Despite the difficulties, encountered by the evolution-institutional approach, it is not considered a perspective economic tendency. It might be applied for detailed analyses of the problems resulting from the global economic crisis and the transformation processes in Europe.

Suggested Citation

  • Marcho Markov, 2013. "Merging institutionalism and the Evolution theory," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 109-121.
    • Handle: RePEc:bas:econth:y:2013:i:5:p:109-121
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    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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