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This paper presents a long-run study of the relationship between autonomous and induced demand for the United States. Our exercise can be considered a contribution to the burgeoning literature revolving around autonomous demand-led growth models, which have displayed the potential to establish bridges not only within the post-Keynesian community, but also between post-Keynesian economics and other evolutionary and pluralistic approaches to economic growth. In particular, we study the long-run dynamic relationship between autonomous demand – which comprises R&D expenditures, government spending, exports and residential investment – and induced demand. Through a cointegration model with quantile-varying coefficients, we account for the possibility of changes in the relationship between the two variables and demonstrate that the long-run equilibrium relationship between autonomous and induced demand is robust to exogenous shocks and changes in the parameters. [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

We propose a new history-friendly approach to evolutionary socio-economic dynamics based around competition between five 'utopias' as central ideas about which to order society: capitalism, socialism, civil liberty, nature, and nationalism. In our model, citizens contribute economic resources to support their preferred utopia, and societal dynamics are explained as a co-evolutionary process between these competing utopias. We apply the model to analyze certain aspects of socio-economic and political change in the US from the 1960s-present. We carry out a history-friendly analysis inspired by such episodes as the outbreak of civil movements in the 1970s, the rise of neo-liberalism in the 1980s, and the channels through which America has engendered an 'age of fracture'. Further applications for empirical and theoretical research are suggested. [ABSTRACT FROM AUTHOR]

The article focuses on the incorporation of antitrust regulation under neoclassical economics in the U.S. Topics discussed include laws governing antitrust in the country; incorporating antitrust under evolutionary biology and evolutionary economics; and enactment of Sherman Act governing the same in the country.

This study is an interpretation of the early computer industry in America from the perspective of evolutionary economic geography. We analyze the County Business Patterns microdata files for the 1970s and identify a variety of early computer clusters. We explore the economic factors that led to the formation of these clusters, including preexisting conditions and Marshallian externalities, and suggest that a combination of these factors goes a long way toward explaining the location patterns we observe in the data. Part 1 of our study analyzes the clustering patterns of the early computer industry. Part 2 develops explanations for those patterns. That article will be published in the next issue of Information & Culture. [ABSTRACT FROM AUTHOR]

Most, if not all, published theoretical models of capital structure decisions assume that all firms follow the same capital structure decision process or strategy. We argue that such an assumption is inconsistent with extant evidence. Instead, we argue that there is heterogeneity in the decision processes and strategies that managers follow, and that they make adaptive adjustments to their strategies that are conditioned on the choices of other firms as well as their prior choices. Using data on U.S. corporate capital structures between 1965 and 2003, we find evidence that is consistent with our proposed alternative. Our characterization of the evolution of corporate capital structures emphasizes the roles of a firm's initial capital structure and its competitors' capital structure strategies. [ABSTRACT FROM AUTHOR]

The author reconsiders the issue of efficiencies and antitrust from the perspectives of evolutionary biology and the growing field of evolutionary economics. He begins by discussing how the term efficiency as currently used in antitrust today is more of a term of social science and economic ideology than a meaningful scientific concept. He then moves on to address how the lessons of evolutionary biology and economics, including the need for systemic diversity and unremitting competition at all systemic levels, can be applied to structural antitrust and efficiencies analyses. The author concludes that it is time to bring fresh perspectives to the study of efficiencies and antitrust. He recommends a series of reforms, including increased and more aggressive enforcement against horizontal mergers between competitors; renewed interest in vertical mergers and agreements; and more aggressive guarding of competitive diversity and opportunity against unfair predatory conduct by dominant firms, monopolies, and oligopolies. [ABSTRACT FROM AUTHOR]

In the 1940s and 1950s, institutionalist economists rapidly lost their influence over American economics. In parallel, a new mainstream emerged, and the institutionalists were extremely dissatisfied with the path taken by the economic science. We analyze the opinions and feelings about this context to shed light on the institutionalists’ understanding of the new mainstream economics. We construct a historical account of the institutionalists’ dissatisfaction with post-war economics based on archival material from the personal papers of Allan Gruchy, John Gambs, John Blair, and Clarence Ayres. In the period analyzed, the economists, who would later found the Association for Evolutionary Economics, acted as dissenters rather than institutionalists. In part, this explains the pluralistic path that the association has followed ever since its foundation. [ABSTRACT FROM AUTHOR]

Differences in demand conditions between the early and later parts of the demand-growth stage of an industry's life-cycle generate three sets of hypotheses about industry entrants. These differences in demand conditions explain why later industry entrants differ in their vertical scope, in their product offerings, and in their geographic scope. The hypotheses are tested in the context of the post-divestiture US Long Distance Telecommunications Services industry during 1984-1996. The tests control for firm-specific explanations of industry entrants' characteristics and the results are consistent with the main hypotheses. [ABSTRACT FROM AUTHOR]

The paper investigates the co-evolutionary patterns of the dynamics of technological alliances and of the structure of the knowledge base in the pharmaceutical sector. The main hypothesis under scrutiny is that technological alliances represent a key resource for firms in knowledge intensive sectors to cope with dramatic changes in the knowledge base, marked by the introduction of discontinuities opening up new technological trajectories. Using patent information and data on technological alliances drawn from the CATI-MERIT database, we compare the evidence concerning the so-called triad regions, i.e. United States, Europe and Japan. The empirical results support the existence of a life cycle in biotechnology affecting the pharmaceutical industry. Furthermore, the dynamics of alliances is found to depend on (i) the phase of the biotechnology life cycle, (ii) the strength of the region in biotechnology and (iii) the general features of the economic environment of the region. [ABSTRACT FROM AUTHOR]

We investigate the dynamics of correlations present between pairs of industry indices of U.S. stocks traded in U.S. markets by studying correlation-based networks and spectral properties of the correlation matrix. The study is performed by using 49 industry index time series computed by K. French and E. Fama during the time period from July 1969 to December 2011, which spans more than 40 years. We show that the correlation between industry indices presents both a fast and a slow dynamics. The slow dynamics has a time scale longer than 5 years, showing that a different degree of diversification of the investment is possible in different periods of time. Moreover, we also detect a fast dynamics associated with exogenous or endogenous events. The fast time scale we use is a monthly time scale and the evaluation time period is a 3-month time period. By investigating the correlation dynamics monthly, we are able to detect two examples of fast variations in the first and second eigenvalue of the correlation matrix. The first occurs during the dot-com bubble (from March 1999 to April 2001) and the second occurs during the period of highest impact of the subprime crisis (from August 2008 to August 2009). [ABSTRACT FROM AUTHOR]

Abstract: We present a model of an economy inspired by individual based model approaches in evolutionary ecology. We demonstrate that evolutionary dynamics in a space of companies interconnected through a correlated interaction matrix produces time dependencies of the total size of the economy, total number of companies, companies’ age and capital distribution that compares well with statistics for the USA. We discuss the relevance of our modeling framework to policy making. [Copyright &y& Elsevier]

Much work on technological change agrees that the recombination of new and existing technological capabilities is one of the principal sources of technological novelty. Patented inventions can be seen as bundles of distinct technologies brought together to accomplish a specific outcome – and this is how the US Patent Office defines inventions. The technologies constituting inventions are identified by the US Patent Office through an elaborate system of technology codes. A combinatorial perspective on invention, emblematic of approaches to technological change informed by evolutionary economics and complexity science, is inherent in the use of technology codes to summarize what is technologically novel about a patented invention. The technology codes represent a set of consistent definitions of technologies and their components spanning 220 years of inventive activity, and are an underutilized data resource for identifying distinct technological capabilities, defining technology spaces, marking the arrival of technological novelty, measuring technological complexity, and empirically grounding the study of technological change. The present discussion provides an introduction to the use of patent technology codes as well as some basic empirics. Our results highlight the highly discriminating nature of the codes and their usefulness in characterizing the type of processes by which technological capabilities generate novelty. [ABSTRACT FROM AUTHOR]

Thorstein Veblen was a turn of the 20th century American economist concerned with the implications of financial capitalists directing the means of production. Veblen proposed that the rationality of "material science" as practiced by the "production engineers" is fundamentally different from the rationality of market capitalism. If this claim is valid, our previous contentions regarding accounting, as a facilitating technology, for administrative evil warrant reconsideration. Veblen's position provides a historical perspective on one dimension of administrative evil that is generally unquestionably accepted, especially within accounting. That is, technology, such as accounting and the related information systems, is amoral, and it is only through ideologically instigated applications that any moral value accrues. We discuss administrative evil and the role of instrumental rationality generally, and accounting specifically, in creating it. Veblen's characterization of financial capitalism and production engineers and his arguments for the primacy of economic efficiency versus "pecuniary gain" provide a basis for evaluating the legitimating action. We consider how Veblen's work relates to notions of instrumental rationality and then undertake a critical assessment of the ideas. Some of Veblen's ideas, while utopian, might be seen as an elixir for the detrimental influences of financial capital; however, at best, they provide a placebo for the ills of administrative evil and, as such, do not provide an amoral basis for legitimating the associated accounting systems. [ABSTRACT FROM AUTHOR]

Henry George, self-taught economist to the common man, developed a strong following outside the halls of academic discourse for his ideas about land, rent, and the single tax. Since he drew the ire of important economists such as John Bates Clark and Alfred Marshall, it should come as no surprise that few professional economists were willing to acknowledge his influence on the economics of the day. Yet, a closer look reveals that at least in the case of Thorstein Veblen, a clear connection can be made between these two important American thinkers. The concept of an unearned increment establishes their shared connection by illustrating the tension that exists between individuals and communities when individual property rights are assigned to community assets. [ABSTRACT FROM AUTHOR]

Abstract: This paper develops a structural evolutionary microeconomic model where the forces of chance and selection are at work and matches this model to data. As a concrete example we explore the process of industry concentration by modeling bottom-up starting with profit maximizing firms and introducing stochastic elements at various levels of the market. An estimation procedure is developed to connect the model to data of the U.S. household laundry equipment industry. The results for the structural model are then contrasted to a version of Gibrat''s model estimated with the same approach. It turns out that the structural model provides a more accurate account of the historical data. This indicates that capturing links between firms operative through the market mechanism promises a more accurate assessment of the future course of concentration of an industry. [Copyright &y& Elsevier]

As newspapers continue in the evolutionary process of optimally utilizing new information technologies to meet the myriad challenges of the day, they are struggling with issues of "clarifying" and "routinizing" the innovative technology as amplified by Rogers in his exploration of the innovation process organizations undergo. This research offers new insights and recommendations about applied actions that can facilitate the transformation. A survey of 63 major U.S. newspaper editors quantifies which operational procedures are predictive of greater levels of integration between the traditional print product and its Internet operation, and which influence management's belief that this integration has met its objectives. If print/online integration is the goal, the presence of one central news desk that handles stories regardless of medium and distribution platform, and online staff participation in the newspaper's planning meetings are among the keys. [ABSTRACT FROM AUTHOR]

Abstract: Most research on the adoption of employee involvement (EI) has focused on the establishment level even though EI is seldom used on an establishment-wide basis. This paper offers a new perspective by using multi-level models to examine how one form of EI (teams) is used at the job level. Using data from the NOS-II, I find that patterns of team use are more consistent with the predictions of evolutionary economics and devaluation theory than with the power-process perspective or the humanistic ideals of EI rhetoric. In particular, teams with basic decision-making powers are most common in jobs that require high levels of human capital or have few non-white incumbents. More research will be needed to fully examine the connection between EI and inequality, but my analysis suggests that despite their potential for good, teams may be increasing inequality or threatening the job rewards that human capital often brings. [Copyright &y& Elsevier]

How much heterogeneity in techniques of production exists within the economy, and how does that heterogeneity move over time? In this paper we show that the range of production techniques employed by establishments within individual manufacturing industries is large. We go on to show that technological heterogeneity persists over time: there is no evidence of convergence to best-practice or some other point in technology space. Next, we explore the geography of variety and reveal that there are significant spatial differences in the production techniques employed by manufacturing plants in the same industry. Finally, we examine how these geographical differences move overtime, measuring the processes that drive the creation and destruction of the range of production techniques across industries and regions in the US economy. [ABSTRACT FROM AUTHOR]

The article addresses the need for focusing on the economy of the U.S. which is undergoing fundamental transformations, and suggests that regions and communities need to restructure their economies to align themselves with new economic realities. They can effect adaptation and innovation in the sectors and functions with their inherent competitive advantages. Insights gained from the past can positively affect current practice. It argues that economists have had the wrong focus and should rather look to economic development practice, the evolution of economy of companies, investors, workers, institutions and places. Evolutionary economics has the real economy as its focus. INSET: Digital Transformation on Main Street.

Change in evolutionary economics is predicated on the creative destruction of variety. Despite the importance of the concept of variety, or heterogeneity, in evolutionary economic theory, empirical work that examines the character of variety – its extent and its persistence – is still scarce. Drawing on unpublished, micro-level data from the US Bureau of the Census, this paper examines the characteristics of process heterogeneity in selected US manufacturing industries. More specifically the paper has three goals. First, to demonstrate that heterogeneity in plant technologies exists and that it persists over time even within relatively mature industrial sectors. Second, to examine the veracity of the processes that generate and destroy heterogeneity in production technology within narrowly defined industries. Third, to link the heterogeneity of plant-level techniques of production to the pace and direction of technological change at the level of the industry. [ABSTRACT FROM AUTHOR]

Change in evolutionary economics proceeds through the creative destruction of variety in firm characteristics. Firm routines, relational assets and the institutional environments in which firms operate shape the creation and destruction of variety. Despite the centrality of the concept of variety in evolutionary economics, analysis of the extent and the persistence of firm heterogeneity is rare. Notwithstanding the theoretical pronouncements of economic geographers who champion the difference that space makes, empirical investigation of firm variety over space is even rarer still. This paper attempts to remedy some of these empirical shortcomings exploring the spatial evolution of variety in techniques of production within three US manufacturing industries. The results suggest that technological variety exists and persists over time and that geography explains a significant portion of this variation. [ABSTRACT FROM AUTHOR]

Copyright of Regional Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

A#x201C;A great deal of small change is useful in a state, and tends to reduce the prices of small articles.” Thomas Jefferson (1784; 1953, p. 178)Abstract. The system of denominations of US coins, which the paper treats as a quasi-genetic trait of the US monetary system, has not been constant since inception but rather has evolved over time in the sense of being subject to innovation and selection. However, all the innovations have disappeared, as have a number of the original denominations. Abstract theories of optimal systems of denominations provide a good explanation of one selection factor, but other important influences include limiting the number of separate denominations and accommodating the requirements of decimal counting. However, even some innovations that ultimately disappeared survived for decades. [ABSTRACT FROM AUTHOR]

Despite a long tradition of research on organizational mortality, organizational theorists have not examined the effect of incentive contracting on firm survival. This paper fills this gap by examining the effect of incentive contracting on the survival of U.S. business format franchise systems over the period 1984-1996. The paper finds empirical support for several hypotheses derived from efficient contracting theory. In general, large firms that adopt policies which screen agents, signal quality, and control agents' free-riding are more likely to survive than large firms which do not adopt these policies. [ABSTRACT FROM AUTHOR]

The primary purpose of this paper is to examine one of the most important innovations in American retailing, the model stock plan. Proposed by E.A. Filene in 1930, the plan provided a new way to solve previous inventory problems. Building upon past solutions and integrating ideas from 'scientific management', Filene was better able to address the issue of customer diversity and geographic dispersion. The discussion is placed in the context of 'evolutionary economics', whose framework provides an alternative to the study of retail history. The introduction of this methodology forms the secondary purpose of this study. [ABSTRACT FROM AUTHOR]

Editorial. Introduces a series of articles on evolutionary economics published in the January 1999 issue of the `Journal of Evolutionary Economics.' Focus on learning in oligopolistic markets; Evolution of the automobile and biotechnology industries in the United States; Development of an econometric methodology to detect structural evolutionary change. [ABSTRACT FROM AUTHOR]

Focuses on the evolution and process variety of technological change in United States manufacturing. Arguments within the field of evolutionary economic theory which provide illuminating ways of thinking about economic dynamics; Fundamental aim of evolutionary economic theory.

This article is concerned to analyse Keynes's ideas on theoretical choice. It argues that, notwithstanding his rationalism, Keynes had something approaching a Kuhnian understanding of the process of theoretical change. It is an ambiguity in the logic of theory choice and adherence which, it is argued, has significance for both our understanding of the 'Keynesian revolution" and also the process of theoretical change in social thought. [ABSTRACT FROM AUTHOR]

The article presents an abstract of a dissertation entitled "Evolution of International Investment Strategy: The Case of Foreign MNEs in the United States," by Vinod Kumar Jain. This dissertation develops a model of international investment based on evolutionary economics and organizational learning theories. It is posited that the evolution of multinational enterprises' (MNEs) investments can be understood in terms of organizational learning, routines, and environment. The model is tested on data on foreign direct investment in the U.S. A random sample of 104 foreign firms was selected and their U.S. investment histories compiled for the period 1974-1992. These 104 firms made a total of 551 investments in some 160 four-digit SIC industries during the study period. Survival analysis was used to test longitudinal hypotheses on foreign MNEs' investment behavior in the U.S. Four of the six hypotheses tested are supported by data, thus validating many of the key assertions of the model of international investment.