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Demonstrates the relevance of a stages methodology as a basis for understanding and analysing the evolutionary metamorphosis leading to the current Russian malaise. Addresses the advantages and disadvantages of the methodology, such as the unilinear fallacy, and analyses economic stagnation and decline in the context of the dynamics of culture evolution in the stage of modern economic growth. Given the Kuznetsian emphasis on a science‐fed technology, how then to explain the lack of Russian permeability to that technological flow? Many variables, such as excessive military spending, nationalism, rigid centralization, ideology, and so on, enter into such an analytical purview. It appears that neither tsarist nor Soviet Russia was able to create a culture adequately permeable to the dynamics of an ongoing science‐fed technological flow. The basic problem for Russia to overcome today is one of a cultural lag. A greater democratization of social and economic organization, concomitant with the needs of a modern industrial society, appears in order.

Essays a conceptural clarification and theory of the process of economic evolution. Using the Veblenian matrix, conceptualizes the economic process in the framework of culture and its evolution. Economic evolution, as a gestalt, comprises the processes of both economic growth (quantitative statics) and development (qualitative dynamics). The dynamics of culture evolution is founded on the advance of technology which constitutes the “core of culture”. The essence of the process of culture evolution is contained in the dichotomy of useful knowledge. The advance of useful knowledge appears in its application as technology and in its store as culture. The process of economic evolution increases the capacity of culture and thereby enables humankind to take bigger and bigger bites of the infinity of knowledge. Culture evolution, fed by the dynamics of the economic process, offers the potential for an enhanced “consciousness of the cosmos” and as such a conception of human progress.

To overcome the errors of the exogenous growth theories of the past, the new growth theories, currently in vogue, attempt to incorporate technological change as endogenous to the growth process. While making a commendable effort to see into that black box of technological change, these so‐called new growth theories are also subject to question and critique on a variety of grounds. One of these is that the new growth theories are not really that new. Another area of concern relates to their empirical relevancy. This is especially evident in assessing the practical use of the new growth theories in terms of problem identification and policy resolution. Other problem areas relate to issues of conceptual clarity and underlying assumptions. By assuming the process of economic growth to be synonymous with that of economic development the result is to avoid the prerequisite structural transformation inherent in the dynamics of culture evolution. Culture evolution in turn is predicated upon technological advance conceptualized as both material and social technology. It is argued in this paper that an explanation as to why technology is endogenous to the processes of growth and economic development is best served vis‐à‐vis an analysis of the dynamics of culture evolution.

Political economies evolve institutionally and technologically over time. This means that to understand evolutionary political economy one must understand the nature of the evolutionary process in its full complexity. From the time of Darwin and Spencer natural selection has been seen as the foundation of evolution. This view has remained even as views of how evolution operates more broadly have changed. An issue that some have viewed as an aspect of evolution that natural selection may not fully explain is that of emergence of higher order structures, with this aspect having been associated with the idea of emergence. In recent decades it has been argued that self-organization dynamics may explain such emergence, with this being argued to be constrained, if not overshadowed, by natural selection. Just as the balance between these aspects is debated within organic evolutionary theory, it also arises in the evolution of political economy, as between such examples of self-organizing emergence as the Mengerian analysis of the appearance of commodity money in primitive societies and the natural selection that operates in the competition between firms in markets.

This paper aims to determine the status of the socialist market economy through a logical analysis of the evolution of economic systems in human society.

This paper presents an analysis of uncertainty and the functions performed by different economic systems in managing and resolving it, thereby explaining the evolutionary rationale behind economic system evolution.

Firstly, the socialist market economy empowers the market to play a decisive role in resource allocation, which serves as the foundation for activating individuals' motivation to engage in economic activities. Secondly, the socialist market economy adheres to the basic socialist economic system, which is the basis for the socialist market economy to stabilize the economy and society or to address the risk of economic uncertainty that may trigger macro-level inconsistencies in economic operations. Thirdly, the advantages of a socialist market economy in adapting to economic uncertainties do not arise spontaneously and must be exerted through continuous improvement of the socialist market economy.

The innovation of this paper lies in introducing uncertainty to clarify the logic behind the evolution of economic systems in human society and explaining the typical significance of the socialist market economy and its advantages in accommodating and resolving uncertainty.

This paper aims to show the interrelation and relevancy of the concept and theory of cultural lag to social justice. The conception of social justice, though wide in scope, is applied in this paper to the limited domain of equality of opportunity and fairness with respect to income distribution.Design/methodology/approach – The methodology of this paper is holistic and interdisciplinary, and interrelates the social and the economic in the overall dynamics of general culture evolution.Findings – The “inverted U‐curve hypothesis” of Simon Kuznets implies that a greater equality of income distribution would be forthcoming in an economy characterized by a mature phase of modern economic growth. Empirical evidence demonstrates that such a movement toward greater equality is subject to question. The American experience of the 1920s and the period from 1973 to the present offers evidence to question the U‐curve hypothesis. Contrary to expectations, during these periods income distribution became more unequal. These periods, indicative of maladjustment, are used to demonstrate and serve as examples of cultural lags. The concept and theory of cultural lag exposes the need for prerequisite institutional adjustment. It consequently appears that the American institutional structure, currently directing the economy toward a policy orientation of laissez‐faire and the resulting increased inequality of income distribution, is anachronistic to a modern industrial society oriented toward the goal of social justice.Originality/value – Relevant to the quest of social justice.

The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an analysis of nine basic features of the evolutionary process and evolutionary approach, including a dynamical view of economic phenomena (seen from a historical perspective), a focus on far-from-equilibrium analysis, a proper and realistic perception of time, and a population perspective (to what extent emergent properties are results of interaction among economic agents). The relevant features of the evolutionary process are the heterogeneity and behavior of economic agents, the search for novelty based on a concept of economic agents’ hereditary information, a selection process (based on the concept of rivalry), spontaneity of development, and the presence of decision-making procedures (how economic agents make decisions, and to what extent their subjective values play a role). The goal of the comparative analysis is to estimate the level of “evolutionary content” of the three schools. My subjective evaluation suggests that only the Austrian school can be called entirely evolutionary. Slightly less evolutionary are the neo-Schumpeterians, and the least evolutionary are the institutionalists.

New non-equilibrium systems theory is a very important theoretical and methodological base of survey and understanding of contemporary economic systems and processes. Equilibrium is considered one of the basic conditions of existence and evolution of natural and social systems, according to scientific literature. Generally speaking, it can be presented as true. But the problem is that classical imagination perceives equilibrium as something real and stable – something more stable than basic condition of evolution of systems. Non-equilibrium state was usually understood as something negative, something destructive and something which has to be eliminated. Non-equilibrium state was understood as an anomaly, as an expression of weakening of system security and as a road to extinction. Thermodynamics comes with an idea that equilibrium is a “short” state of the system, equilibrium is very relative and all systems try to meet it, but they will never reach it. Equilibrium is usually connected with classical science and non-equilibrium state is connected with thermodynamics paradigm, with a new methodology of science. Non-equilibrium state is often seen as a basic condition – as an internal source of system evolution and its activities. Non-equilibrium state is a base of new arrangement of systems. Misunderstanding of contemporary non-equilibrium state theory and new expressions or aspects of dynamic processes can bring about negative impacts on the survey and establishment of new global economic system, e.g. new national and local economic systems. Therefore, the non-equilibrium state theory is a methodological base of new perception and survey of contemporary economic systems.

A study of non-equilibrium thermodynamics.

Irreversibility and non-equilibrium, occurring in each process and evolutionary phase of economic systems, are connected with accidents and openness. Openness of systems enables (and causes) diversification toward wider system or environment and penetration of external elements and processes to internal structure of the system. A system like this is more sensitive to external and internal changes. Considering this, it is very important to be aware of the fact that entropy has different behavior in “closed” systems – different from behavior in open systems. Open economic systems communicate with external environment, interact with external systems and they exchange the energy. They consume energy of external environment and penetrate it. Elements, nodes and joints in open systems can communicate, connect and integrate with elements, nodes and joints from external systems. The growth of entropy is “smoother” and equilibrium of the system, its sub-systems and elements proceeds despite the non-equilibrium state of elements of the own system. They have to communicate and exchange the energy with external environment. This is because of the non-equilibrium state.

This is an original thermodynamic approach to the importance of non-equilibrium in the development of economic systems.

The paper aims to enrich current debate about human–technology dichotomy in socio-economic settings by decoding and systematizing the main phases through which it has been approached in managerial and social studies.

A multi-interpretative framework is built thanks to the adoption of a qualitative approach inspired by the inductive logic, and for analyzing the historical evolution of the approach to human–technology dichotomy and for explaining them through an innovative conceptual model.

An innovative conceptual model is proposed for depicting connections and evolutions among the main four phases in the evolution of the approaches to human–technology dichotomy.

Reflections and conceptual model herein can support researchers in rereading the multiple theoretical and practical contributions provided with reference to human and technology relations in socio-economic settings.

The paper can support managers and entrepreneurs in defining and evaluating managerial approaches for efficiently enhancing human–technology interaction.

The paper proposes an innovative conceptual model based on a multi-interpretative framework for decoding the historical evolution of the approaches to human–technology dichotomy in business settings. New variables are added to the current debate about the topic for building an original interpretive viewpoint.

The last great financial crisis which arose in the middle of 2007 in the USA produced contagion effects over others economies. The purpose of this paper is focused on analyzing the evolution of a set of economic variables of 17 European countries since 1991 until 2013. Sovereign bond spreads are also considered to compare the incidence of the financial crisis over the economies considering macroeconomics fundamentals and fixed bonds.

Self-organizing maps (SOMs) are used to achieve the purpose of the research. With this methodology, it is possible to analyze the evolution of the macroeconomic fundamentals of each country, obtaining particular and general conclusions according to the position of each country in the SOM. Moreover, the countries are compared between them and with its respective sovereign bond spreads level for each year of analysis.

The impact of the crisis is different between the countries was analyzed. Belonging to the European Monetary Union is an interesting characteristic of some of the most affect economies.

This research presents wide implications for the economies to control the most vulnerable economic variables in front of financial crisis to prevent the contagion effect. The inclusion of more economic variables and countries could enhance the study.

This research analyzes the relationship between macroeconomic variables and sovereign bond spreads using an infrequent methodology. The results obtained are valuable because they highlight how the present crisis has differently affected the European countries.