The volume focuses on the demand side phenomena of the soaring economic growth of the past few centuries. Growth theory has basically ignored the massive changes that occur here: the huge increase in the variety of products and services and the growing specialization in consumption behavior. The...

Modern economies never come to rest. From institutions to activities of production, trade, and consumption, everything is locked in processes of perpetual transformation - and so are our daily lives. Why and how do such transformations occur? What can economic theory tell us about these changes...

Change manifests itself in all facets of the economy. This important collection of previously published essays illustrates how the evolutionary approach can reveal not only where change comes from, and how it happens, but also where it will lead. The Evolving Economy covers a broad spectrum of...