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Evolutionary economics is a school of economic thought that is inspired by evolutionary biology.Although not defined by a strict set of principles and uniting various approaches, it treats economic development as a process rather than an equilibrium and emphasizes change (qualitative, organisational, and structural), innovation, complex interdependencies, self-evolving systems, and limited ...
Kenneth E. Boulding's evolutionary perspective is an approach to economics (see also evolutionary economics) put forward most completely in his Ecodynamics (1978) and Evolutionary Economics (1981) had roots in his 1934 work on population theory and the age structure of capital as well as his Reconstruction (1950) with chapter titles like "An Ecological Introduction" and "The Theory of the ...
"Uncertainty, Evolution, and Economic Theory" is an article published in 1950 which was written by economist Armen Alchian. In this article, Alchian delineates an evolutionary approach to describe firms' behavior. His theory embodies principles of biological evolution and natural selection. This article is among the first in the economics ...
Environmental determinism is a social science theory that proposes that it is the environment that ultimately determines human culture. Evolutionary economics studies the variation and selection of economic phenomena, such as commodities, technologies, institutions and organizations. [27]
In the theory of evolution and natural selection, the Price equation (also known as Price's equation or Price's theorem) describes how a trait or allele changes in frequency over time. The equation uses a covariance between a trait and fitness, to give a mathematical description of evolution and natural selection. It provides a way to ...
Evolutionary biology is the subfield of biology that studies the evolutionary processes (natural selection, common descent, speciation) that produced the diversity of life on Earth. It is also defined as the study of the history of life forms on Earth.
A competing evolutionary idea is the court jester hypothesis, which indicates that an arms race is not the driving force of evolution on a large scale, but rather it is abiotic factors. [35] [36] The Black Queen hypothesis is a theory of reductive evolution that suggests natural selection can drive organisms to reduce their genome size. [37]
Complexity economics draws inspiration from behavioral economics, Marxian economics, institutional economics/evolutionary economics, Austrian economics and the work of Adam Smith. [18] It also draws inspiration from other fields, such as statistical mechanics in physics, and evolutionary biology. Some of the 20th century intellectual background ...