<abstract xmlns="http://www.w3.org/1999/xhtml"><p>This article discusses the challenges raised by the inclusion of evolutionary elements in the theories of Carl Menger, Joseph Schumpeter, and Friedrich Hayek. Each adopted an idiosyncratic position in terms of method of inquiry, focus, and general message. The breadth of the topics and phenomena they cover testifies to the great variety of interpretations and potential uses of evolutionary concepts in economics. Menger, who made no reference to Darwin’s theory, advanced an “organic” view of the emergence of social institutions. Schumpeter elaborated an original theory of industrial development based on the recurrent emergence and dissemination of innovations. Hayek adopted the biological notion of group selection and made it the central element in his theory of cultural evolution and the rise of the free market. The chapter concludes with a preliminary evaluation of the possible role that evolutionary theorizing might play in the future development of Austrian economics.</p></abstract>

This article discusses the challenges raised by the inclusion of evolutionary elements in the theories of Carl Menger, Joseph Schumpeter, and Friedrich Hayek. Each adopted an idiosyncratic position in terms of method of inquiry, focus, and general message. The breadth of the topics and phenomena they cover testifies to the great variety of interpretations and potential uses of evolutionary concepts in economics. Menger, who made no reference to Darwin’s theory, advanced an “organic” view of the emergence of social institutions. Schumpeter elaborated an original theory of industrial development based on the recurrent emergence and dissemination of innovations. Hayek adopted the biological notion of group selection and made it the central element in his theory of cultural evolution and the rise of the free market. The chapter concludes with a preliminary evaluation of the possible role that evolutionary theorizing might play in the future development of Austrian economics.

Austrian Economics and the Evolutionary Paradigm<sup>*</sup>

Max Planck Institute for the History of Science

Max Planck Institute Jena and Griffith Business School

Studies in Logic, Grammar and Rhetoric

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Austrian Economics and the Evolutionary Paradigm

{"article-title":{"content":"Austrian Economics and the Evolutionary Paradigm","sup":"*"}}

This article discusses the challenges raised by the inclusion of evolutionary elements in the theories of Carl Menger, Joseph Schumpeter, and Friedrich Hayek....

Austrian Economics and the Evolutionary Paradigm^*

Published Online: Jul 20, 2019

Page range: 205 - 225

DOI: https://doi.org/10.2478/slgr-2019-0013

Keywords
Darwin, evolution, free market, Friedrich Hayek, innovations, institutions, Carl Menger, Joseph Schumpeter

© 2019 Naomi Beck et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Austrian Economics and the Evolutionary Paradigm*

Published Online: Jul 20, 2019

Page range: 205 - 225

DOI: https://doi.org/10.2478/slgr-2019-0013

KeywordsDarwin, evolution, free market, Friedrich Hayek, innovations, institutions, Carl Menger, Joseph Schumpeter

© 2019 Naomi Beck et al., published by Sciendo

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Austrian Economics and the Evolutionary Paradigm^*

Keywords
Darwin, evolution, free market, Friedrich Hayek, innovations, institutions, Carl Menger, Joseph Schumpeter