Rethinking Economic Evolution

Rethinking Economic Evolution

Essays on Economic Change and its Theory

Ulrich Witt

Modern economies never come to rest. From institutions to activities of production, trade, and consumption, everything is locked in processes of perpetual transformation – and so are our daily lives. Why and how do such transformations occur? What can economic theory tell us about these changes and where they might lead? Ulrich Witt’s book discusses why evolutionary concepts are necessary to answer such questions. While economic evolution is in many respects unique, it nonetheless needs to be seen within the broader context of natural evolution. By exploring this complex relationship, Rethinking Economic Evolution demonstrates the significance of an evolutionary economic theory.

Chapter 2: A "Darwinian Revolution" in Economics?

Ulrich Witt

Subjects: economics and finance, evolutionary economics


In recent reappraisals of what has come to be labeled the "Darwinian revolution" at the turn of the century in biology there is a broad agreement that Darwin's formulation of the theory of the evolution of life on earth and the descent of species amounted to no less than the establishment of an entirely new scientific research program which rivaled the then dominant Newtonian world view (see MAYR [1991, ch. 5]).

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