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Cambridge Journal of Economics 28:273-289 (2004)
Cambridge Journal of Economics, Vol. 28, No. 2, © Cambridge Political Economy Society 2004; all rights reserved

The evolutionary firm and Cournot's Dilemma

Neil B. Niman*

Address for correspondence: Department of Economics, University of New Hampshire, Durham, NH 03824, USA; email: Neil{at}orbit.unh.edu

Recently, competence/capability has been introduced as a rival and as a complement to the idea of transaction-costs as the foundation for a modern theory of the firm. However, while the competence-based approach may be inspired by evolutionary economics, it does not, in its current form, provide an evolutionary theory of the firm. To transform this competence-based approach into an evolutionary theory, the connection between the firm and Veblen's concept of social knowledge is more fully developed. Once established, the evolutionary theory of the firm is utilised to bypass Marshall's reconciliation problem and solve Cournot's Dilemma.

Key Words: Competence • Evolutionary economics • Marshall • Veblen • Vertical integration

JEL classifications: D21, D23

Manuscript received March 23, 2001; final version received March 4, 2002.


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