The study of economic activity consists in the analysis of the activities of production, distribution, accumulation and consumption of goods and services, and the investigation of the underlying causal factors that govern these activities, like institutions, technology and human capabilities. Some sociological and economic traditions conceptualize the relationship between causal factors like institutions, technology or human agency in a deterministic way, assuming that one of these causal factors overrules the others. In such a deterministic framework, economic change is brought through changes in one of these causal factors, which in turn determines change in the remaining socio-economic structures and in socio-economic activity in general. In this paper, an evolutionary conception of socio-economic transformation where change can be brought or constrained through any of these causal factors (institutions, technology or human capabilities) will be suggested.