Richard R.Nelson – An Evolutionary Theory of Economic Change

“The book ranges from subtle theoretical analyzes of the nature of choice to highly explicit mathematical modeling, from the theory of the firm to the theory of bureaucratic agencies. It is very engagingly written, and conveys extremely well the dilemma that must haunt any social scientist worth his salt: the necessity of choosing between realism and simplicity as guides to theory construction. ” – Jon Elster , London Review of Books

“[An] extremely interesting book… This volume increases one’s confidence that, after all these years, Schumpeter’s intuition can be stated in a formally respectable way, and therefore that the field of industrial organization can begin solving it’s most important problems. ” – Journal of Comparative Economics

“An important and interesting book.” – Journal of Political Economy

“The book spans an enormous literature ― dealing with economics as a process, evolutionary modeling, Schumpeterian competition, organization form, and the like ― and performs important interpretive and integrative functions. Mainly, however, the book represents a significant original research contribution in both methodological and substantive respects. It will influence teaching, research, and public policy relating to complex economic systems for years to come. While the book is written by and primarily for economists, it is broadly conceived and should impact social science research quite generally. ” – Oliver Williamson, University of Pennsylvania

Richard R. Nelson is George Blumenthal Professor of International and Public Affairs, Business, and Law, Emeritus, at Columbia University.

Financial Development Course

Financial development means some improvements in producing information about possible investments and allocating capital, monitoring firms and exerting corporate governance, trading, diversification, and management of risk, mobilization and pooling of savings, easing the exchange of goods and services.