Why Is Evolutionary Economics Not an Empirical Science?
Institutions and Evolution of Capitalism: Essays in Honour of Geoffrey M. Hodgson, Edward Elgar, 2016
11 Pages Posted: 13 Jan 2016 Last revised: 11 Aug 2016
Date Written: January 11, 2016
We address the question of the nature of evolutionary economics as an empirical science. We argue that economics is both a qualitative science (at the generic level) and a quantitative science (at the operational level). We map out how the generic approach provides a framework for empirical measures over heterogeneity of rules, variety within a rule, and the frequency of a rule.
Keywords: evolutionary economics, methodology, empirical measures
JEL Classification: B52
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