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Kenneth E. Boulding's evolutionary perspective is an approach to economics (see also evolutionary economics) put forward most completely in his Ecodynamics (1978) and Evolutionary Economics (1981) had roots in his 1934 work on population theory and the age structure of capital as well as his Reconstruction (1950) with chapter titles like "An Ecological Introduction" and "The Theory of the ...
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 ...
Evolutionary pressure, selective pressure or selection pressure is exerted by factors that reduce or increase reproductive success in a portion of a population, driving natural selection. [1] It is a quantitative description of the amount of change occurring in processes investigated by evolutionary biology , but the formal concept is often ...
"Uncertainty, Evolution, and Economic Theory" is an article published in 1950 which was written by economist Armen Alchian. In this article, Alchian delineates an evolutionary approach to describe firms' behavior. His theory embodies principles of biological evolution and natural selection. This article is among the first in the economics ...
The Price equation can describe any system that changes over time, but is most often applied in evolutionary biology. The evolution of sight provides an example of simple directional selection. The evolution of sickle cell anemia shows how a heterozygote advantage can affect trait evolution. The Price equation can also be applied to population ...
The adaptive market hypothesis, as proposed by Andrew Lo, [1] is an attempt to reconcile economic theories based on the efficient market hypothesis (which implies that markets are efficient) with behavioral economics, by applying the principles of evolution to financial interactions: competition, adaptation, and natural selection. [2]
Evolutionarily stable strategies were defined and introduced by John Maynard Smith and George R. Price in a 1973 Nature paper. [2] Such was the time taken in peer-reviewing the paper for Nature that this was preceded by a 1972 essay by Maynard Smith in a book of essays titled On Evolution. [1]
Evolutionary economics – A field in economics that considers economic evolution Kenneth Boulding's evolutionary perspective – Approach to economic theory based on an evolutionary model; Evolutionary epistemology – Ambiguous term applied to several concepts; Evolutionary ethics – Study of evolution on morality or ethics