Evolutionary economics matters: an overview of the extraordinary contributions of Nelson & Winter

Abstract

This review article aims to analyze some of the main contributions regarding evolutionary economics and innovation made by Richard Nelson and Sidney Winter. We reviewed, in particular, the main issues covered in the books published in 1982, such as search, routine, and selection, and 2018, such as the new and important elements of the debate that are still poorly addressed by evolutionary theory. We also focus on the discretionary firm differences and the mechanisms of appropriability, which are themes related to sector and company levels, and investigate the relationship between science, innovation, and economic development, which are themes at macro level.