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Firms, agency, and evolution

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  • Armin W. Schulz

Abstract

A recent (though controversial) trend in economics has been to appeal to evolutionary theory when addressing various open questions in the subject. I here further investigate one particular such appeal to evolutionary biology: the argument that, since markets select (in a standard biological sense) firms as coherent units, firms should be seen to be genuine economic agents. To assess this argument, I present a model of firm/office selection in a competitive market, and show that there are cases where markets can select for firms/offices as collective units -- and thus, as agents of their own -- but also that there are cases where they do not. In this way, I try to make the evolutionary argument for the agency-based view of the firm more precise.

Suggested Citation

  • Armin W. Schulz, 2016. "Firms, agency, and evolution," Journal of Economic Methodology, Taylor & Francis Journals, vol. 23(1), pages 57-76, March.
    • Handle: RePEc:taf:jecmet:v:23:y:2016:i:1:p:57-76
    DOI: 10.1080/1350178X.2015.1024882
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    Cited by:

    1. 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.

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