ABSTRACT
Evolutionary institutional economics addresses usually demand-side economic policies via Veblenian institutional heuristics and production-side economic policies via Schumpeterian institutional heuristics. This notion mediates the impression that institutional and evolutionary economics are two distinct scientific disciplines (compare Nelson and Nelson 2002, p. 266 for instance). In generic institutionalism it is argued that synthesis can be established seemingly in a problem-centred perspective. Serious attempts to integrate the Schumpeterian and Veblenian system of thought are rather rare in the discipline, the most visible work in such a direction can be found in Hodgson (1997) and more recently in Dopfer (2012). Hodgson focuses on the use and expression of evolutionary, especially Darwinian, theory in Schumpeter as well as in Veblen. Dopfer makes a crucial point for further synthesis of the work of Schumpeter, Hayek and Veblen with respect to policy-oriented issues. The different terminologies of institutions are central to the drifts between them but offer also templates for appropriate synthesis in new evolutionary economic programs.
