The nature of learning processes as well as evolutionary considerations suggest that aesthetic judgement is of central importance in the formation of custom. Learning and extrapolation rely on evaluations of non-instrumental features like simplicity, analogy, straightforwardness, and clarity....

The new institutional economics has one of its roots in evolutionary thinking. The idea is that there is competition among organizational forms. Some forms spread faster than others and thereby displace and eventually destroy the less well adapted forms. In the end, the most 'efficient'...

This entry discusses the concept of "systemism", elaborates how it implicitly underpinned most seminal works of evolutionary-institutional economics, and explains how future research would benefit from making the systemist nature of evolutionary economics more explicit. More precisely, the paper...

Veblen (1898) presented a vision of an evolutionary economics to study the process of economic development in terms of individual action and cumulative causation. In this paper I engage with the recent methodological debate on the potential contribution of Darwinism to such an evolutionary...

Institutions affect economic outcomes, but variation in them cannot be directly linked to environmental factors such as geography, climate, or technological availabilities. Game theoretic approaches, based as they typically are on foraging only assumptions, don't provide an adequate foundation...

Moore suggested an exponential growth of the number of transistors in integrated electronic circuits. In this paper, Moore’s law is derived from a preferential growth model of successive production technology generations. The theory suggests that products manufactured with a new production...

In this conceptual paper, we discuss the evolutionary root causes of institutional complexity, defined as inherently incompatible prescriptions when different sources of institutions intersect at the same space and time. We suggest that societies are not delineated by clear-cut boundaries, but...

Recently, the maximum entropy principle has been applied to explain the evolution of complex non-equilibrium systems, such as the Earth system. I argue that it can also be fruitfully deployed to reconsider the classical treatment of entropy in economics by Georgescu-Roegen, if the growth of...

In a complete market for short-lived assets, we investigate long run wealth-driven selection on a general class of investment rules that depend on endogenously determined current and past prices. We find that market instability, leading to asset mis-pricing and informational efficiencies, is a...

We provide simple examples to illustrate how wealth-driven selection works in asset markets. Our examples deliver both good and bad news. The good news is that if individual assets demands are expressed as a fractions of wealth to be invested in each asset, e.g. because traders maximize an...