A Veblenian Critique of Nelson and Winter’s Evolutionary Theory

It is often argued that Richard Nelson and Sydney Winter’s evolutionary theory an alternative to neoclassical economics compatible with or complementary Veblenian economics. This article subjects such arguments critical examination. I argue while provides a more realistic account of the firm behavior than Marshallian-neoclassical does, it in much same sense as Marshall’s quasi-evolutionary, “neo-classical” according Veblen. Therefore, fact protective modification antithetical Veblen’s