This important volume of original essays by a distinguished group of scholars from the evolutionary, institutional and socio-economic schools makes a major contribution to the reconstruction of political economy as an evolutionary science. The book explores the consequences of adopting a broader approach to economics taking into account issues such as historical time and change, individual-institutional interaction, uncertainty and procedural rationality. This carefully edited selection of papers focuses on four themes: theoretical foundations, policy making, empirical enquiry and modelling. A political economy of diversity is advocated by the contributors with analytical specificity and originality applied to a series of topics including industrial and market restructuring, technological change, ecological sustainability, development, monetary aggregates and governmental policy making. By recognising the importance of accepting diversity and complexity when applying economic analysis, this unique and provocative volume makes a seminal contribution at the frontiers of economic theory and identifies a common theme in non-orthodox scholarship.
