What is evolutionary Economics ‘
Evolutionary Economics is a term coined by Thorstein Veblen (1857-1929), American economist and sociologist. Veblen’s evolutionary Economics drew upon anthropology, sociology, psychology and Darwinian principles. Veblen’s work was supplemented by Joseph Schumpeter and other economists in the following years.
Breaking down the ‘evolutionary Economics ‘
Evolutionary theory suggests that economic processes and economic behavior is defined as individuals and society as a whole. This differs from traditional economic theories that consider people and government agencies and completely rational actors. Evolutionary Economics seeks to explain economic behavior and progress in evolution and the evolution of human instincts, such as predation, jealousy and curiosity. Evolutionary Economics explores the behavior of a person, such as a sense of justice and fairness extends to the economy.
Evolutionary economists believe that economic organization is a dynamic process that includes constant transformation, and that economic behavior is shaped by both individuals and society as a whole. The creation of goods and procurement of materials for these products involves many processes, changes in technology. Organizations that regulate these processes and production systems, and consumer behavior must evolve as the processes of production and procurement changes.