This paper reconsiders the explanation of economic policy from an evolutionary economics perspective. It contrasts the neoclassical equilibrium notions of market and government failure with the dominant evolutionary neo-Schumpeterian and Austrian-Hayekian perceptions. Based on this comparison,...

European economic integration drives a political economy of regionalism that defines the principal axis of political-economic division in the New Europe. The New Economy drives a radical shift in EU policy from cohesion or redistribution toward innovation promotion, affecting distributional...

Purpose – Paper argues that the proper approach to the topic of economic welfare should include an appreciation that markets are not characterized by an endogenous tendency towards equilibrium. The economists, Schumpeter, Keynes and Minsky are right in this regard as opposed to Adam Smith and...