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Traditional doctrines of economic policy have largely failed to address the fact that human economies are evolving, complex adaptive systems rather than equilibrating mechanisms. This volume represents a step towards a more evolutionary approach to economic policy.

This important book analyses evolutionary approaches to economic policy. Its main purpose is to explore the policy implications of evolutionary economics, in particular of approaches inspired on the one hand by Schumpeter and revived by Nelson and Winter which deal with industrial evolution under constant institutions and, on the other hand, of approaches inspired by Hayek and North, which analyse the ways in which institutions themselves evolve. Hitherto evolutionary economists have paid little attention to policy issues, and the relatively few policy implications that they have produced...