What is Evolutionary Economics?
Evolutionary economics is a theory propounded by an American economist and sociologist, Thorstein Veblen (1857-1929). This theory dwells on anthropology, sociology, psychology, and Darwinian principles. Several other economists including Joseph Schumpeter have improved on Veblen’s work in later years.
How does Evolutionary Economics work?
Evolutionary economics accounts for economic behavior and progress in relation to changes as a result of human instincts such as predation, emulation, and curiosity. Society and individuals are core determinants of economic behavior, changes in human behavior result in economic processes change. This is unlike traditional economic theories that see people and governmental institutions as a different rational actor.
This theory tries to account for how human behavior influences or its Involvements in economics. Economists who support this theory affirms that since consumer behaviors change over time, production and procurement processes must also change to align with this human change. It is also included that economic organization is a dynamic process which involves an ongoing transformation as a result of changes in human behavior.
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