Winner of the Schumpeter Prize, 2000 and Winner of the Smith Prize in Austrian Economics, 2000, this book explores how the limitations of human knowledge create both opportunities and problems in the modern economy. The growing field of evolutionary economics has developed as a result of the traditional failure of the discipline to explain certain phenomena that impact greatly on the economy. These are:
*Evolution - the impact on the economy of natural change over time
*Institutions - the impact on the economy of government and/or company policy, rules and...

The work of G.B. Richardson has given insights into key issues and debates such as markets versus hierarchies, price stability, the economics of information and the concept of competition based upon differentiated firms.
This collection encourages further development of Richardson's themes. It will make excellent reading for students looking at the capability or competence approach to the firm, and for all those wishing to familiarise themselves with the work of this important economist.