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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 ...
The ESS was a major element used to analyze evolution in Richard Dawkins' bestselling 1976 book The Selfish Gene. The ESS was first used in the social sciences by Robert Axelrod in his 1984 book The Evolution of Cooperation. Since then, it has been widely used in the social sciences, including anthropology, economics, philosophy, and political ...
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 ...
"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 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]
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The view that a "breakout" from the Malthusian trap has led to an era of sustained economic growth is explored by "unified growth theory". [4] [93] One branch of unified growth theory is devoted to the interaction between human evolution and economic development. In particular, Oded Galor and Omer Moav argue that the forces of natural selection ...