| Part of a series on |
| Economics |
|---|
 |
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]
- ^ a b c Hodgson, G. M. (2012). Evolutionary Economics, in Fundamental Economics, edited by Mukul Majumdar, Ian Wills, Pasquale Michael Sgro, John M. Gowdy, in Encyclopedia of Life Support Systems (EOLSS), Developed under the Auspices of the UNESCO, EOLSS Publishers, Paris, France, [1]. Archived from [2] on April 24, 2023.
- ^ Hodgson, G. M. (1993). Economics and Evolution: Bringing Life Back Into Economics. Cambridge, UK and Ann Arbor, MI: Polity Press and University of Michigan Press.
- ^ Friedman, D. (1998). Evolutionary Economics Goes Mainstream: A Review of the Theory of Learning in Games. Journal of Evolutionary Economics. 8(4), pp. 423–432. Archived from [3] on March 8, 2022.
- ^ Hodgson, G. M. (2007). Evolutionary and Institutional Economics as the New Mainstream? Evolutionary and Institutional Economics Review, 4(1), pp. 7-25. Archived from [4] on July 9, 2020.
- ^ Galor, O. (2005). From Stagnation to Growth: Unified Growth Theory. In P. Aghion and S. Durlauf (eds.), Handbook of Economic Growth, Vol. 1A, pp. 224–235.