Kenneth Boulding: A Founder of Evolutionary Economics
While still a student, Boulding wrote a paper on displacement costs, which was published in the Economic Journal-at the time edited by John Maynard Keynes. For two years, he studied econometrics at the University of Chicago with Henry Schultz, one of the founders of the field. Frank Knight, another teacher, helped the young graduate to further early recognition by writing an article on Mr. Boulding and the Austrians. Finally, Boulding spent a semester at Harvard, where he wrote a paper on Boehm-Bawerk for a seminar conducted by Joseph Schumpeter in which he criticized the attempt to discover conditions of equilibrium in systems that are, by their very nature, in disequilibrium. In 1934, he published an article in the Quarterly Journal of Economics about the application of the pure theory of population to the theory of capital-an analysis that left its traces in his future work.