This paper tries to demonstrate that the well developed analysis of directional selection within evolutionary economics can be complemented by analyses of stabilizing selection and disruptive selection. It also tries to demonstrate that the evolutionary algebra provided by Price’s equation...

Neo-Schumpeterian evolutionary economics has, since the early works of Nelson and Winter, defined evolution as the change of the mean of a characteristic of a population. This paper trancends the previous paradigm and explores novel aspects of evolution in economics. Within the traditional...