Evolutionary Concepts in Contemporary Economics

About this book

For the past century, Isaac Newton's case for a mechanical perspective on the universe has been challenged by various scientists who have used an evolutionary lens to view reality. It is ironic, then, that modern economists typically have clung to mechanistic models of how economies operate. That intellectual commitment to an economy-as-machine vision has at last begun to weaken, however. This anthology reports on a number of contemporary attempts to introduce evolutionary concepts into economic analysis. The chapters reflect the broad range of evolutionary thinking that has begun to emerge in contemporary economies. Inspired by earlier evolutionists, the contributors draw on recent developments in the philosophy of science and computer simulation methods to probe a number of economic issues. These include the evolution of money, technology, the firm, and the law. The relation between economic and ecological evolution is also explored.