Munich Personal RePEc Archive

Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian?

Villena, Mauricio G. and Villena, Marcelo J. (2004): Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian? Published in: Journal of Economic Issues , Vol. XXXVII, No. 3 (September 2004): pp. 585-610.

This is the latest version of this item.

[img]
Preview
PDF
MPRA_paper_28889.pdf

Download (589Kb) | Preview

Abstract

This essay provides an approach to the analysis of the link between Thorstein Veblen's evolutionary approach and evolutionary game theory (EGT). We shed some light on the potential contribution of Veblen's theory of socioeconomic evolution to the discussion on the application of EGT to social environments. We also investigate to what extent elements of EGT can be used to formalize some of the basic evolutionary principles proposed by Veblen. The methodological imperatives laid down by Veblen, defining an evolutionary approach, are presented. We provide an analytical framework that allows the evaluation of EGT in terms of Veblen's evolutionary approach. To better understand the main principles and rationale behind EGT and how it can be applied as a tool for analyzing issues on the diversity, interaction, and evolution of social systems, we discuss this nontraditional approach and its basic concepts. Finally, the main characteristics of EGT are contrasted with Veblen's principles.

Available Versions of this Item

  • Evolutionary Game Theory and Thorstein Veblen’s Evolutionary Economics: Is EGT Veblenian? (deposited 17. Feb 2011 19:17) [Currently Displayed]
UB_LMU-Logo
MPRA is a RePEc service hosted by
the Munich University Library in Germany.