Economics Loss of the Evolutionary Perspective (1981)
In a very real sense, Adam Smith and Malthus were evolutionary theorists, and so was Alfred Marshall. It was Walras and his successors who mathematicized so successfully the Newtonian system that the evolutionary perspective was lost.
Evolutionary Economics, Sage: Beverly Hills, California, 1981, p. 17.
Looking at economics from an evolutionary point of view, one sees clearly that the traditional three "factors of production" -- land, labor and capital -- are extremely unsatisfactory categories from the point of view of production. ... It is much more accurate to identify the factors of production as know-how (that is genetic information structure), energy, and materials,for, as we have seen, all processes of production involve the direction of energy by some know-how structure toward the selection, transportation, and transformation of materials into the product. (1981, p. 27)
Back to "once i was a real economist" (1965)