In his seminal article Economic Action and Social Structure: The Problem of Embeddedness Granovetter argued that economic action is embedded in social relations and structures that affect its functioning, and that economic action should be analyzed as such. In theories of the business firm the...

Although organisational structure has sometimes been mentioned in evolutionary economics as well as in the innovation literature as a possible determinant of innovation performance, very little systematic theoretical and empirical work exist on this issue. In this paper, we take our theoretical...

Evolutionary arguments are an appropriate approach to the analysis of industry dynamics in a knowledge-based economy, because they can deal properly with innovation processes, technological change, path-dependence and knowledge. But in order to formalise all of this verbal accounting,...

Hayek's well-known evolutionary concept of "competition as a discovery procedure" can be characterized as a parallel process of experimentation, in which rivalrous firms generate and test hypotheses about the best way to fulfill the consumers' preferences. Through this permanent process of...

This paper studies an agent-based model that bridges Keynesian theories of demand generation and Schumpeterian theories of technology-fueled economic growth. We employ the model to investigate the properties of macroeconomic dynamics and the impact of public polices on supply, demand and the...

In the last years, a number of contributions has argued that monetary -- and, more generally, economic -- policy is finally becoming more of a science. According to these authors, policy rules implemented by central banks are nowadays well supported by a theoretical framework (the New...

This paper argues that not only Edith Penrose, but also Harold Demsetz should be seen as a dominant source of inspiration for RBP scholars, that these two crucial influences hold different and even conflicting views of the economic process, and that they helped found different research areas and...

The climate change issue imposes us not only to change the way we produce and convert energy but also to modify current energy consumption patterns. A substantial body of literature has shown that our behaviour is often guided by habits. The existence of habits - not fully conscious forms of...