IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-0-333-98278-5_6.html
   My bibliography  Save this book chapter

Evolution and Economy

In: Conservative Capitalism

Author

Listed:
  • David Reisman

Abstract

The starting-point is not price theory, comparative statics or equilibration at the margin. Instead, it is social selection, perpetual motion and adaptation to circumstance: The life of man in society, just like the life of other species, is a struggle for existence, and therefore it is a process of selective adaptation. The evolution of social structure has been a process of natural selection of institutions.’ (Veblen, 1899:131). Social life, Veblen said, closely resembles organic life in that it is locked into cumulative causation, disequilibrium states and mutation to avoid extinction: The economic life history of the individual is a cumulative process of adaptation of means to ends that cumulatively change as the process goes on, both the agent and his environment being at any point the outcome of the last process.’ (Veblen, 1919:74–5). Economic activity, Veblen argued, is better understood in the Darwinian context of biological development than it is when flattened into the mathematical mechanics of Newtonian physics. Alfred Marshall wrote that ‘the central idea of economics’ could be nothing other than ‘that of living force and movement’: ‘The Mecca of the economist lies in economic biology.’ (Marshall, 1890:xii–xiii). It is a viewpoint which would be shared by Veblen and by other anthropocentric economists whose focus is the evolution in the structures, the parameters and the rules of the game.

Suggested Citation

  • David Reisman, 1999. "Evolution and Economy," Palgrave Macmillan Books, in: Conservative Capitalism, chapter 6, pages 133-166, Palgrave Macmillan.
  • Handle: RePEc:pal:palchp:978-0-333-98278-5_6
    DOI: 10.1057/9780333982785_6
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-0-333-98278-5_6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.