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 3: On the proper interpretation of 'evolution' in economics and its implications for production theory

Ulrich Witt

Subjects: economics and finance, evolutionary economics

Abstract

How relevant is the notion of evolution for economics? In view of the paradigmatic influence of Darwinian thought, several recently advocated interpretations are discussed first which rely on Darwinian concepts. As an alternative, a notion of evolution is suggested that is based on a few, abstract, common principles which all domain-specific evolutionary processes share, including those in the economy.

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