By Jurgen G. Backhaus
Hayek’s conception of cultural evolution has consistently generated controversy. curiosity in Hayek’s conception, and others’ research and feedback of it, has been emerging of past due. This quantity urges a reconsideration of Hayeks’ thought of evolution and goals to discover the relevance of Hayek’s concept for its personal sake and for evolutionary economics extra more often than not.
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Additional info for Entrepreneurship, Money And Coordination: Hayek's Theory of Cultural Evolution (New Horizons in Institutional and Evolutionary Economics Series)
International Monetary Fund (2004c) Belize: Selected Issues and Statistical Appendix, Washington, DC: IMF. R. ) (1992), Liberty Secured? Britain before and after 1688, Stanford, CA: Stanford University Press. Karabegovic, Amela, Dexter Samida, Chris M. Schlegel and Fred McMahon (2003), ‘North American economic freedom: an index of 10 Canadian provinces and 50 US states’, European Journal of Political Economy, 19 (3), 431–52. Khalil, Elias L. (1996), ‘Friedrich Hayek’s Darwinian theory of evolution of institutions: two problems’, Australian Economic Papers, 35 (66), 183–201.
Investment share Gross capital formation as a percentage of GDP. Source: Directorate-General of Budget, Accounting and Statistics (2003), European Commission (2004), International Monetary Fund (2004b), International Monetary Fund (2004c), World Bank (2004). Latitude The absolute value of the latitude of the country, scaled to take values between 0 and 1. Source: La Porta, Lopez-de-Silanes, Shleifer and Vishny (1999). Log income per capita Natural logarithm of gross national income divided by mid-year population, converted into current international dollars using purchasing power parity Hayek’s theory of cultural evolution 37 rates.
1 are based on two-stage least squares. A major feature of the sixteenth through nineteenth centuries was the spread of Western European influence around the world. The extent of this influence varied widely across countries and may safely be thought of as exogenous to income per capita today. We use two types of variables that are good proxies for this influence: European languages (two variables) and legal origins (three variables). In using these five variables as instruments in our regressions to explain log income per capita, we follow the most recent literature.