caa a22 4500 397572689 CHVBK 20180308164846.0 cr unu---uuuuu 161202e199607 xx s 000 0 eng 10.1093/oxfordjournals.cje.a013628 doi (NATIONALLICENCE)oxford-10.1093/oxfordjournals.cje.a013628 The theory of evolution and the evolution of theory: Veblen's methodology in contemporary perspective [Elektronische Daten] [George Argyrous, Rajiv Sethi] This paper traces recent developments in economic theory from the perspective of Veblen's methodological distinction between teleological and evolutionary modes of scientific thought. It is argued that the imposition of rational behaviour at the individual level prevents neoclassical theory from exhibiting genuine evolutionary processes, since decision rules are prevented from emerging out of a process of adaptation to a changing environment. The standard rationality postulate can nevertheless give rise to quasi-evolutionary sequences at the aggregate level. This possibility is blocked in macroeconomic literature by the use of the representative agent construct and the imposition of the hypothesis of self-fulfilling expectations. © 1996 Academic Press Limited Articles nationallicence Argyrous George University of New South Wales and Barnard College, Columbia University aut Sethi Rajiv University of New South Wales and Barnard College, Columbia University aut Cambridge Journal of Economics Oxford University Press 20/4(1996-07), 475-495 0309-166X 20:4<475 1996 20 cameco https://doi.org/10.1093/oxfordjournals.cje.a013628 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1093/oxfordjournals.cje.a013628 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Argyrous George University of New South Wales and Barnard College, Columbia University aut NATIONALLICENCE 700 1- Sethi Rajiv University of New South Wales and Barnard College, Columbia University aut NATIONALLICENCE 773 0- Cambridge Journal of Economics Oxford University Press 20/4(1996-07), 475-495 0309-166X 20:4<475 1996 20 cameco Metadata rights reserved CC BY-NC-4.0 http://creativecommons.org/licenses/by-nc/4.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-oxford