ABSTRACT
In this contribution I propose to review some recent developments in the evolutionary theory of technological change. While I shall deal almost entirely in terms of theoretical concepts it must be clear at the outset that advancing this approach to economic change will require detailed, and often historical, studies of firms and technologies. The distinguishing feature of the evolutionary approach is its emphasis on the open-ended nature of economic and technological development, by which I mean that there are no determinate positions of long run equilibrium to define positions of rest for an industry or economy. Evolution is not predictable. But this does not mean that it is chaotic or involves non-law-like development. Quite the contrary, there are quite strong elements of system coherence which guide the process of technological and market evolution.
