Approach Economics Economy Essay Evolutionary Evolving

Approach Economics Economy Essay Evolutionary Evolving-76
Changes in behavior or features, not random "mutations", are what create variety in the Lamarckian scheme.Modern biology embraces only the Darwinian process, but in the context of social sciences, like economics, the Lamarckian process may actually be better suited than the Darwinian.

Traditional economic theories generally view people and governmental institutions as entirely rational actors.

Evolutionary economics differs, shunning rational choice theory and instead pinpointing complex psychological factors as key drivers of the economy.

Of course, the process never ends because genetic mutations mean that new organisms with completely new and perhaps "better-suited" sets of attributes recurrently appear and challenge the older species.

A competing theory of evolution is Jean-Baptiste de Lamarck's 1809 theory of "adaptive selection".

Evolutionary economists believe the economy is dynamic, constantly changing and chaotic, rather than always tending toward a state of equilibrium.

The creation of goods and the procurement of supplies for those goods involves many processes that change as technology develops.

In the latter part of the 19th Century, economists and other social scientists began appealing to analogies between organisms in an environment to people in society.

The most prominent of these "Social Darwinists" (more accurately, "Social Lamarckians") was Herbert Spencer.

Schumpeter argued that human entrepreneurs are the main drivers of economic development and that markets are cyclical, moving up and down, as companies constantly compete to find solutions to benefit mankind.

One of the biggest lessons that most evolutionary economists agree on is that failure is good and just as important as success.

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