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Cambridge Journal of Economics 2004 28(6):847-874; doi:10.1093/cje/beh038
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Right arrow B52 - Institutional; Evolutionary
Right arrow D63 - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
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Cambridge Journal of Economics, Vol. 28, No. 6, © Cambridge Political Economy Society 2004; all rights reserved

The role of the state in evolutionary economics

François Moreau*

Address for correspondence: Conservatoire National des Arts et Métiers, Laboratoire d'Econométrie, 2 rue Conté, F-75003 Paris, France; email: moreauf{at}cnam.fr

From an evolutionary perspective, the role of public policy extends far beyond the mere correction of market failures emphasised by neoclassical economics. Public policy may facilitate the market process. It may also guide the market process (in the case of multiple equilibria). The state can finally play a more creative role by allowing private agents to satisfy individually or collectively certain goals unattainable through market forces alone. However, this paper shows that although the scope of useful public policies is broader in an evolutionary approach than in neoclassical economics, the government's ability to direct the evolution of the economic system is highly limited. This paper also tries to formulate certain normative criteria which could act as public policy guidelines in an evolutionary perspective.

Key Words: Public policy • State • Evolutionary economics

JEL classifications: D63; D78; H11

Manuscript received October 23, 1999; final version received November 1, 2002.


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