1. Introduction -- 2. Conceptual background and welfare terminology -- 3. Other approaches to welfare economics -- 4. A positive basis : the learning theory of consumption -- 5. An evolutionary theory of welfare -- 6. Evolutionary welfare economics -- 7. Concluding remarks.

Considerable debate surrounds the concept of entrepreneurial opportunities. This paper contributes to the discussion by bringing in concepts and findings from evolutionary economics. It makes three points. First, adopting an evolutionary market process perspective sheds new light on the nature...