Approach Economics Economy Essay Evolutionary Evolving

Approach Economics Economy Essay Evolutionary Evolving-82
Traditional economic theories generally view people and governmental institutions as entirely rational actors.

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In the free market, the survival of the fittest model is rampant.

Consumers have plenty of choices, few firms can fully meet their needs and everything is in a constant state of flux, meaning that many competitors will be obliterated.

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.

Lamarck's argument similarly contends that species with features better-suited to their environment features outdo those worse-suited.

However, unlike Darwin, Lamarck argued that species could "adapt" to their environment during their lifetimes, and that these "adaptations" will be carried over through reproduction.Indeed, the term "evolutionary" has been bandied about so freely that perhaps the only real definition of it is the following: a theory is said to be "evolutionary" if it is my theory, it is said to be "mechanical" if it is your theory.(!)Early Evolutionary Economics The most popular conception of evolution is Charles Darwin's famous 1859 theory of "natural selection" applied to species of living organisms.Evolutionary economics is a theory proposing that economic processes evolve and that economic behavior is determined both by individuals and society as a whole.The term was first coined by Thorstein Veblen (1857-1929), an American economist and sociologist.Austrian economist Joseph Schumpeter also played an important role in the development of evolutionary economics.His model of creative destruction described the essential nature of capitalism as a relentless drive towards progress, expanding on Veblen’s early observations.The field explores how human behavior, such as our sense of fairness and justice, extends to economics.This branch of economics is inspired by evolutionary biology.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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