New Development Of Institutional Economic-Research On Hodgson’s Evolutionary Economic Thought

In today’s world, the development of national economies is unpredictable.Especially after the2008financial crisis, there have been many new situations, themainstream economics is obviously ill-prepared for these changes and helpless in theinterpretation of the new economic phenomenon. Evolutionary economics as apowerful challenger to the mainstream economics, Its theory of the reality of theeconomic process has more explanatory power. So summarizing and researchingHodgson’s evolutionary economics thought is of great practical significance.This paper first reviews the theory of Veblen and Commons, the representativesof the old institutional economists. They pioneered the biological evolution ofeconomic thought applied to the study of economics, then Winter and Nelsonproposed theory of the evolution of the economic changes, this made a broaderevolution of economic thought in economics. On this basis, Hodgson establishedeconomic theory of evolution.In Hodgson’s opinion, the Neoclassical economics simply do not understand themarket, their excessive pursuit of balanced regardless of the reality of economicphenomena and their superstition of reductionism make them fall into the abyss of theformalism, we need to inject new ideas in the blood of Economics research. Hodgsondefines evolutionary economics based on the three aspects of the ontology,methodology and metaphor standards and promotes the use of biological metaphors ineconomics research. On this basis, he proposes the NEAR evolutionary economicsand he explains the emergent economic characteristics, the novelty and theuncertainty of the economic development and non-reducing. In addition, Hodgsonalso establishes evolutionary competency-based theory of the firm under the influenceby the biological theory of natural selection. In the study of Hodgson’s evolution of economic thought, we can find thatHodge Johnson not only helps to regulate the development of evolutionary economicstheory of evolutionary economics research within the evolutionary economicsdisciplines to form a unified analytical framework, also provides a new direction ofdevelopment for the study of economics, and contribute to the achievement of thediversified economic theory, economic development considerable power. In addition,the evolutionary economics thinking of Hodgkin Johnson economics research andeconomic development of our country is also an important reference and guidingsignificance. However, the evolution of the economic thinking of the Hodge Johnsonstill have some limitations, it still takes time to be perfected.