Evolutionary Economics as the Foundation for Competitive Strategy |
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| Author:
| Knudsen, Thorjorn |
| Series title: | New Horizons in Institutional and Evolutionary Economics Ser. |
| ISBN: | 978-1-84064-130-1 |
| Publication Date: | Jun 2001 |
| Publisher: | Edward Elgar Publishing, Incorporated
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| Book Format: | Hardback |
| List Price: | USD $80.00 |
Book Description:
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This innovative book is an evaluation of evolutionary theory as a foundation for strategy in the firm. The aim is to provide a firm-level equivalent to micro-evolutionary theory, extending and reconstructing the work of Nelson and Winter with a new emphasis on tacit knowledge.Economic evolution is an inherently unpredictable process and in this book Thorbjørn Knudsen provides explanations for firm behaviour which are structurally tight but leave room for a process of change. Combining...
More DescriptionThis innovative book is an evaluation of evolutionary theory as a foundation for strategy in the firm. The aim is to provide a firm-level equivalent to micro-evolutionary theory, extending and reconstructing the work of Nelson and Winter with a new emphasis on tacit knowledge.Economic evolution is an inherently unpredictable process and in this book Thorbjørn Knudsen provides explanations for firm behaviour which are structurally tight but leave room for a process of change. Combining Lamarkian and Darwinian theory, he uses 'replicator theory' to develop an explanation of the evolution of managerial and team behaviour. He studies managerial selection using 'local emulative selection' which accounts for the importance of tacit knowledge in learning processes. He argues that starting from a well-specified micro-evolutionary theory provides the necessary basis to further evolutionary economics by connecting macro phenomena, such as competition and technological progress, with micro phenomena, such as the evolution of production knowledge.