Evolutionary Economics: A Study of Change in Economic - download pdf or read online

By David Hamilton

ISBN-10: 0887388663

ISBN-13: 9780887388668

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Additional resources for Evolutionary Economics: A Study of Change in Economic Thought (Classics in Economics Series)

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Although the Newtoman concept of change is more matter-of-fact than that of precedmg concepts. It IS essentially animistlC and teleologicaJ. Darwiman change, on the other hand, is a non-teleological process of cumulative growth There is no nght and good end toward which things are working out. This difference separates the classical economlC theory from mstitutIonal theory, affectIng every aspect of theory of each school of thought The effect of these different conceptions of change on classical and institutIonal economlC theory can be shown by an examination of the psychology underlying the two types of doctrme, by an analysis of the concepts of social organization, and by a comparison of the theories of economic progress.

22 According to Bohm-Bawerk, "Ali goods without exception . . possess a certain relauon to human weil being,"28 However, this relauon is not in ail cases of an equally high gtade. Goods may have a capacity to contnbute to human well·being, and goods that do this belong to the lower grade On the other hand, goods may be an essentlal "condiuon of human weil bemg-a condition of such a kind that sorne gratification stands or falls wllh the having or wanting of the good,"" In everyday life these gtades of value have come to acqUlre the titles usefulness and value, the latter being the term for the higher grade.

P J~l 231b,d, P J83 Ulb,d 251btd, P 1,39 CHANGE AND HUMAN NATURE 37 from those that hfe itself depends upon to fnvolous kinds of wants. '· Here then we have reached the goal of the present inquiry, and may formulate It thus the value of a good IS measured by the Importance of that concrete want, or parual want. whlcb IS least urgent among the wants that are met from the avallable stock of Slmdar goods What determmes the value of a good, then IS not its greatest utlhty. not Its average uuhty, but the least utihty whlch It, or one like It, might he reasonably employed m providmg under the concrete economlcal conditIOns.

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Evolutionary Economics: A Study of Change in Economic Thought (Classics in Economics Series) by David Hamilton


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