New Developments in Evolutionary Innovation

Abstract

The publication of ‘An Evolutionary Theory of Economic Change’ by Nelson and Winter has had a major impact on economics and related fields such as innovation and strategy. All of these fields have developed owing to recent re-examinations and extensions of evolutionary theory. A paradigm that underlies several studies in this tradition is the concept of neo-Darwinian evolution—the idea that the unit of the evolutionary process (e.g. a technological artefact) is subject to a dynamic of variation, selection, and retention leading to adaptation to a predefined function. This book refers to the frameworks of punctuated equilibrium, speciation, and exaptation, which, despite their significant influence in evolutionary biology, have been reflected only partially in evolutionary approaches to economics, innovation, and strategy. This chapter introduces the book’s aim to fill this gap, and outlines the approaches and perspectives of each of the chapters.