Coevolution in Economic Systems

Coevolution in economic systems plays a key role in the dynamics of contemporary societies. Coevolution operates when, considering several evolving realms within a socio-economic system, these realms mutually shape their respective innovation, replication and/or selection processes. The processes which emerge from coevolution should be analyzed as being globally codetermined in dynamic terms. The notion of coevolution has been appearing in the literature on modern innovation economics since the neo-Schumpeterian inception, four decades ago. In this Element, these antecedents are drawn upon to formally clarify and develop how the coevolution notion can expand the analytical and methodological scope of evolutionary economics, allowing for further unification and advance of evolutionary subfields.