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Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory

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  • Richard Nelson

Abstract

Since the time of Marshall economists have used the constructs of demand and supply curves in their explanation and analyses of how markets determine prevailing prices and the allocation of resources among different lines of economic activity. Today almost all expositions and interpretations of price theory take a neoclassical perspective. This paper develops an interpretation of demand and supply curves and their interaction on markets that is more compatible with the general viewpoint of evolutionary economic theory. Copyright Springer-Verlag 2013

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  • Richard Nelson, 2013. "Demand, supply, and their interaction on markets, as seen from the perspective of evolutionary economic theory," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 17-38, January.
    • Handle: RePEc:spr:joevec:v:23:y:2013:i:1:p:17-38
    DOI: 10.1007/s00191-012-0274-4
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    References listed on IDEAS

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    1. Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.
    2. Nelson, Richard R., 2003. "On the uneven evolution of human know-how," Research Policy, Elsevier, vol. 32(6), pages 909-922, June.
    3. Brian J. Loasby, 2001. "Time, knowledge and evolutionary dynamics: why connections matter," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 393-412.
    4. Nelson, Richard R. & Sampat, Bhaven N., 2001. "Making sense of institutions as a factor shaping economic performance," Journal of Economic Behavior & Organization, Elsevier, vol. 44(1), pages 31-54, January.
    5. Jason Potts, 2000. "The New Evolutionary Microeconomics," Books, Edward Elgar Publishing, number 2258.
    6. Foster, John, 1993. "Economics and the Self-Organisation Approach: Alfred Marshall Revisited," Economic Journal, Royal Economic Society, vol. 103(419), pages 975-991, July.
    7. Augier, Mie & Kreiner, Kristian, 2000. "Rationality, Imagination and Intelligence: Some Boundaries in Human Decision-Making," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 9(4), pages 659-681, December.
    8. Jason Potts, 2001. "Knowledge and markets," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 413-431.
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    Citations

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    Cited by:

    1. Múñoz, Féliz-Fernando & Encinar, María-Isabel & Cañibano, Carolina, 2016. "Agents, interaction, and economic laws: An analytical framework for understanding different economic theories," Working Papers in Economic Theory 2016/05, Universidad Autónoma de Madrid (Spain), Department of Economic Analysis (Economic Theory and Economic History).
    2. Yi-Jang Yu, 2013. "A More Practical Method for Explaining Demand," Research in World Economy, Research in World Economy, Sciedu Press, vol. 4(2), pages 18-27, September.
    3. Kenza Qaoumi & Pascal Masson & Benoit Weil & Aytunç Ün, 2018. "Testing evolutionary theory of household consumption behavior in the case of novelty - a product characteristics approach," Journal of Evolutionary Economics, Springer, vol. 28(2), pages 437-460, April.
    4. Tae-Hee Jo, 2021. "A Veblenian Critique of Nelson and Winter’s Evolutionary Theory," Journal of Economic Issues, Taylor & Francis Journals, vol. 55(4), pages 1101-1117, October.
    5. Stan Metcalfe, "undated". "Capitalism and evolution," Openloc Working Papers 1201, Public policies and local development.
    6. Lalit Manral, 2015. "The demand-side dynamics of entrant heterogeneity," Journal of Evolutionary Economics, Springer, vol. 25(2), pages 401-445, April.
    7. John Foster, 2017. "Prior Commitment and Uncertainty in Complex Economic Systems: Reinstating History in the Core of Economic Analysis," Scottish Journal of Political Economy, Scottish Economic Society, vol. 64(4), pages 392-418, September.
    8. Harry Bloch & Stan Metcalfe, 2018. "Innovation, creative destruction, and price theory," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(1), pages 1-13.
    9. Beata Cialowicz, 2020. "Consumer Loans in a Process of Diffusion of Innovations - an axiomatic analysis," Annals of Economics and Finance, Society for AEF, vol. 21(2), pages 393-414, November.
    10. Thiago Caliari & Ricardo Machado Ruiz & Marco Valente, 2016. "Heterogeneidade Da Demanda E Inovação De Produtos," Anais do XLII Encontro Nacional de Economia [Proceedings of the 42nd Brazilian Economics Meeting] 135, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics].
    11. Harry Bloch, 2018. "Neo-Schumpeterian price theory with Sraffian and post-Keynesian elements," Journal of Evolutionary Economics, Springer, vol. 28(5), pages 1035-1051, December.
    12. Isabel Almudi & Francisco Fatas-Villafranca & Jesus Palacio & Julio Sanchez-Choliz, 2020. "Pricing routines and industrial dynamics," Journal of Evolutionary Economics, Springer, vol. 30(3), pages 705-739, July.
    13. Cristiano Antonelli & Agnieszka Gehringer, 2015. "The competent demand pull hypothesis: which sectors do play a role?," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 32(1), pages 97-134, April.
    14. Richard R. Nelson, 2016. "Behavior and cognition of economic actors in evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 737-751, October.
    15. Stan Metcalfe, 2014. "Capitalism and evolution," Journal of Evolutionary Economics, Springer, vol. 24(1), pages 11-34, January.

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    More about this item

    Keywords

    Demand; Supply; Price; Innovation; A10; O30;
    All these keywords.

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General

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