“If Veblen failed to develop an evolutionary methodology, he also failed to develop a comprehensive evolutionary theory to explain in detail how institutions evolve in the cultural environment and what sorts of interaction occur between economic activity and institutional structures. Veblen was something of an intellectual butterfly, and he often lacked the patience to elaborate his ideas into a coherent system. But he teemed with fragmentary insights, and these can be pieced together to suggest the outlines of a Veblenian scheme of cultural evolution - what might be called a ‘pre-theory’ of cultural change.”

— Cynthia Eagle Russett

Source: Darwin in America: The Intellectual Response 1865/1912, 1976, p. 153; As cited in Geoffrey M. Hodgson, "Veblen and darwinism." International review of sociology 14.3 (2004). p. 357

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Cynthia Eagle Russett2

American historian 1937–2013

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“There are two important factors to consider in the emergence of social change. One is that a society develops through changes in its institutions, which are blends of culture and genetically shaped social behavior. The other is that the genes and culture interact. This may seem paradoxical to anyone who considers genes and culture to be entirely separate realms. But it is scarcely surprising from an evolutionary perspective, given that the genome is designed to respond to the environment, and a major component of the human environment is society and its cultural practices.”

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“More than one hundred years ago, William Bateson suggested that studying the regulation and timing of development was the key to understanding evolutionary change. He was right.”

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“While economic theory in general may be defined as the theory of how an economic condition or an economic development is determined within an institutional framework, the welfare theory deals with how to judge whether one condition can be said to be better in some way than another and whether it is possible, by altering the institutional framework, to achieve a better condition than the present one.”

John Hicks (1904–1989) British economist

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Kenneth Arrow (1921–2017) American economist

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“Civil society organisations make a major contribution to human development, particularly when democracies are failing, or have failed; for it is then that the institutions of civil society can, and often do, carry an added burden to help sustain improvements in quality of life. I believe strongly that a critical part of any development strategy should include support for civil society. I know that Norway supports this approach and works actively with its own civil society organizations to build capacity in the developing world.”

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“They, economics and evolution, are both examples of a larger process, which has been at work in this part of the universe for a very long time. This is the process of the development of structures of increasing complexity and improbability. The evolutionary process always operates through mutation and selection and has involved some distinction between the genotype which mutates and the phenotype which is selected. The process by which the genotype constructs the phenotype may be described as "organization". Economic development manifesto itself largely in the production of commodities, that is, goods and services. It originates, however, in ideas, plans, and attitudes in the human mind. These are the genotypes in economic development. This whole process indeed can be described as a process in the growth of knowledge. What the economist calls "capital" is nothing more than human knowledge imposed on the material world. Knowledge and the growth of knowledge, therefore, is the essential key to economic development. Investment, financial systems and economic organizations and institutions are in a sense only the machinery by which a knowledge process is created and expressed.”

Kenneth E. Boulding (1910–1993) British-American economist

Kenneth Boulding (1977) Economic Development as an Evolutionary System, Fifth World Congress of the International Economic Association, Tokyo, Aug.-Sept. 1977.
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“Hayek’s work in philosophy can be considered from another perspective than its methodology. When Hayek wrote that his philosophical studies should precede his political studies, he meant that in order to explain the sort of political system he favored, it was necessary to have greater understanding of the transmission and communication of information and knowledge. This is why he wished to travel to Italy and Greece. He thought that he might understand nonverbal knowledge better in doing so and might better understand the role of institutions in transmitting knowledge and information.”

Alan O. Ebenstein (1959) American political scientist, educator and author

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“Markets are institutions that exist to facilitate exchange, that is, they exist in order to reduce the cost of carrying out exchange transactions. In an economic theory which assumes that transaction costs are nonexistent. markets have no function to perform, and it seems perfectly reasonable to develop the theory of exchange by an elaborate analysis of individuals exchanging nuts for apples on the edge of the forest or some similar fanciful example. This analysis certainly shows why there is a gain from trade, but it fails to deal with the factors which determine how much trade there is or what goods are traded.”

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“Another recent development is the theory of formal organizations, that is, structures planfully instituted, such as those of an army, Bureaucracy, business enterprise, etc. This theory is framed in a philosophy which accepts the premise that the only meaningful way to study organization is to study it as a system.”

Ludwig von Bertalanffy (1901–1972) austrian biologist and philosopher

Source: General System Theory (1968), 1. Introduction, p. 9

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