September 1995
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13 Reads
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143 Citations
The Economic Journal
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Citations (1)
... It is worth noting that the concept of efficiency (the ability to maximise output for the same input) associated with evolutionary economic models, initially proposed by Williamson (1975Williamson ( , 1985, has been extensively debated regarding competitive mechanisms (Vromen, 2004). It is currently accepted that evolutionary processes do not necessarily lead to optimal outcomes (Hodgson, 1994). The concept of equilibrium represents one of the main points of evolutionary models. ...
- Citing Article
September 1995
The Economic Journal