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t events random article about wikipedia contact us contribute help learn to edit community portal recent changes upload file special pages search search appearance donate create account log in personal tools donate create account log in contents move to sidebar hide top 1 roots toggle roots subsection 1 1 early ideas 1 2 medieval and early modern times 1 3 economic development natural state and social evolution 2 emergence as a separate field of study toggle emergence as a separate field of study subsection 2 1 an evolutionary theory of economic change and beyond 3 recent developments toggle recent developments subsection 3 1 unified growth theory 4 criticism 5 related fields toggle related fields subsection 5 1 evolutionary psychology 5 2 evolutionary game theory 6 see also 7 references 8 further reading toggle further reading subsection 8 1 journals toggle the table of contents evolutionary economics 21 languages العربية azərbaycanca català čeština deutsch español eesti فارسی français עברית հայերեն 日本語 한국어 nederlands norsk bokmål polski português русский српски srpski українська 中文 edit links article talk english read edit view history tools tools move to sidebar hide actions read edit view history general what links here related changes upload file permanent link page information cite this page get shortened url switch to legacy parser print export download as pdf printable version in other projects wikimedia commons wikidata item appearance move to sidebar hide from wikipedia the free encyclopedia subject inspired by evolutionary biology part of a series on economics outline index glossary economists principles of economics tools and methodology economic theory mathematical modeling game theory rational choice cognitive science behavioral economic equilibrium empirical methods experimental econometrics time series spatial causal inference quasi experiments prescriptive and policy welfare analysis social choice theory rational choice theory cost benefit analysis branches and subfields applied econometrics econophysics international heterodox micro macro mainstream mathematical mech design methodology political industrial org market design applications agriculture business cultural demographic development ecological education engineering environmental evolutionary financial geographic happiness health history information infrastructure institutions labour law management non monetary organization participation personnel planning policy public sector public choice social choice regional regulatory resources rural service transport urban welfare economics portal v t e 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 rationality as the drivers of economic evolution 1 the support for the evolutionary approach to economics in recent decades seems to have initially emerged as a criticism of the mainstream neoclassical economics 2 but by the beginning of the 21st century it had become part of the economic mainstream itself 3 4 evolutionary economics does not take the characteristics of either the objects of choice or of the decision maker as fixed rather it focuses on the non equilibrium processes that transform the economy from within and their implications considering interdependencies and feedback 1 5 the processes in turn emerge from the actions of diverse agents with bounded rationality who may learn from experience and interactions and whose differences contribute to the change 1 roots edit early ideas edit from peace and harmony lucas cranach the elder the golden age 1530 to war and sorrow virgil solis the iron age 1581 the idea of human society and the world in general as subject to evolution has been following mankind throughout its existence hesiod an ancient greek poet thought to be the first western written poet regarding himself as an individual 6 described five ages of man the golden age the silver age the bronze age the heroic age and the iron age following from divine existence to toil and misery modern scholars consider his works as one of the sources for early economic thought 7 8 9 the concept is also present in the metamorphoses by ovid an ancient roman poet his four ages include technological progress in the golden age men did not know arts and craft whereas by the iron age people had learnt and discovered agriculture architecture mining navigation and national boundaries but had also become violent and greedy this concept was not exclusive to the greek and roman civilizations see for instance yuga cycles in hinduism the three ages of buddhism aztecs five suns but a common feature is the path towards misery and destruction with technological advancements accompanied by moral degradation medieval and early modern times edit medieval views on society economics and politics at least in europe and pax islamica were influenced by religious norms and traditions catholic and islamic scholars debated on the moral appropriateness of certain economic practices such as interest 10 11 the subject of changes was thought of in existential terms for instance augustine of hippo regarded time as a phenomenon of the universe created by god and a measure of change whereas god exists outside of time 12 a major contribution to the views on the evolution of society was leviathan by thomas hobbes a human according to hobbes is a matter in motion with one s own appetites and desires due to these numerous desires and the scarcity of resources the natural state of a human is a war of all against all 13 in such condition there is no place for industry because the fruit thereof is uncertain and consequently no culture of the earth no navigation nor use of the commodities that may be imported by sea no commodious building no instruments of moving and removing such things as require much force no knowledge of the face of the earth no account of time no arts no letters no society and which is worst of all continual feare and danger of violent death and the life of man solitary poore nasty brutish and short in order to overcome this natural anarchy hobbs saw it necessary to impose an ultimate restraint in the form of a sovereign economic development natural state and social evolution edit see also the wealth of nations adam smith 1723 1790 a landmark work in many senses the wealth of nations by adam smith was also one to offer a description of economic development throughout the history of mankind as well as insights into the nature of this development in book iii of the different progress of opulence in different nations smith constantly underlines the importance of the natural order of things which economic improvements follow and shows the feedback chain that allows economies to progress further based on what has been achieved this falls in line with the notion of natural rights shared by other age of enlightenment thinkers such as john locke and montesquieu a somewhat different view relates to the names of prominent socialists of the 19th century who viewed economic and political systems as products of social evolution in contrast to the notions of natural rights and morality in his book what is property pierre joseph proudhon noted 14 thus in a given society the authority of man over man is inversely proportional to the stage of intellectual development which that society has reached the approach was also employed by karl marx in his view over the course of history superior economic systems would replace inferior ones inferior systems were beset by internal contradictions and inefficiencies that made them impossible to survive in the long term in marx s scheme feudalism was replaced by capitalism which would eventually be superseded by socialism 15 emergence as a separate field of study edit thorstein veblen 1857 1929 is considered by many as the father of evolutionary economics the term evolutionary economics might have been coined by thorstein veblen 1 veblen saw the need for taking into account cultural variation in his economic approach no universal human nature could possibly be invoked to explain the variety of norms and behaviours that the new science of anthropology showed to be the rule rather than an exception 16 he also argued that social institutions are subject to selection process 17 and that economic science should embrace the darwinian theory 18 19 20 1 veblen s followers quickly abandoned his evolutionary legacy 16 21 when they finally returned to the use of the term evolutionary they referred to development and change in general without its darwinian meaning 1 further researchers such as joseph schumpeter studied entrepreneurship and innovation using this term but not in the darwinian sense 2 22 another prominent economist friedrich von hayek also employed the elements of the evolutionary approach especially criticizing the fatal conceit of socialists who believed they could and should design a new society while disregarding human nature 23 however hayek seemed to see the darwin theory not as a revolution itself but rather as an intermediary step in the line of evolutionary thinking 1 there were other notable contributors to the evolutionary approach in economics such as armen alchian who argued that faced with uncertainty and incomplete information firms adapt to the environment instead of pursuing profit maximization 24 an evolutionary theory of economic change and beyond edit geoffrey hodgson recognised as one of the leading figures of modern critical institutionalism emeritus professor in management loughborough university the publication of an evolutionary theory of economic change by richard r nelson and sidney g winter in 1982 marked a turning point in the field of evolutionary economics inspired by alchian s work about the decision making process of firms under uncertainty and the behavioural theory of the firm by richard cyert and james march 25 1 nelson and winter constructed a comprehensive evolutionary theory of business behavior using the concept of natural selection in this framework firms operate on the basis of organizational routines which they evaluate and may change while functioning in a certain selection environment 26 since then evolutionary economics as noted by nicolai foss has been concerned with the transformation of already existing structures and the emergence and possible spread of novelties 27 economies have been viewed as a complex system a result of causal interactions non linear and chaotic between different agents and entities with varied characteristics 28 instead of perfect information and rationality herbert simon s concept of bounded rationality 29 has become prevailing by the 1990s as put by geoffrey hodgson 1 it was possible to write of an international network or invisible college of evolutionary economists who despite their analytical differences were focusing on the problem of analyzing structural technological cultural and institutional change in economic systems they were also united by their common dislike of the static and equilibrium approaches that dominated mainstream economics recent developments edit main article adaptive market hypothesis andrew w lo a hong kong born taiwanese american economist and academic mit sloan professor the role of evolutionary forces in the process of economic development over the course of human history has been further explored during the past decades for example paul rubin extensively described how apparent anomalies in decision making such as violations of the maximization principle a zero sum way of thinking or a dislike of competition and free trade may be a result of the human brain evolution 30 31 another concept rubin and his colleagues viewed through the lenses of evolutionary analysis is the utility function which may essentially be represented as the fitness evolutionary function 32 elements of evolutionary approach have also appeared in financial economics around 2004 andrew lo proposed the adaptive market hypothesis an extension of the efficient market hypothesis that treats financial market agents as species who exist in some environment e g the number of competitors profit opportunities and behave accordingly 33 34 this hypothesis does not deny that efficient financial market equilibria may exist but it necessarily suggests that other states may emerge and evolve due to adaption and natural selection although quite recent lo s hypothesis has already been empirically tested with regard to a number of cases such as the analysis of influence of religious holidays and political regimes on financial markets in islamic countries 35 or the evolution of bitcoin market 36 unified growth theory edit main article unified growth theory known for his unified growth theory oded galor employs principles that may belong to evolutionary economics a considerable contribution to the understanding of economies as constantly evolving systems was provided by oded galor and his colleagues a pioneer of the unified growth theory galor depicts economic growth and development throughout human history as a continuous process driven by technological progress and the accumulation of human capital as well as by the accumulation of those biological social and cultural features that favour further development according to galor s model technological advancements in the early eras of the mankind during the malthusian epoch with limited resources and near subsistence levels of income would lead to increases in the size of population which in turn would further accelerate technological progress due to the production of new ideas and the increase in demand for them at some point technological advancements would require higher levels of education and generate the demand for educated labour force after that an economy would move into a new phase characterised by demographic transition given that investment into less children although more costly would yield higher returns and sustained economic growth 37 the process is accompanied by improvements in living standards the position of the working class as necessary in order to complement technological progress contrary to marx and his followers who predicted its further impoverishment and the position of women paving the way for further social and gender equality improvements 5 38 interdependent these elements facilitate each other creating a unified process of growth and development although the pace may be different for different societies in the journey of humanity the origins of wealth and inequality 2022 galor provides some statements that further solidify his evolutionary approach 38 consider two large clans the quanty and the qualy suppose that quanty households bear ...