Evolutionary economics

Evolutionary economics,

Definition of Evolutionary economics:

  1. 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.

  2. Field of study that explores the processes and resources that affect a companys development and transformations. It involves a blend of Darwinian principles, sociology, psychology and anthropology.

  3. Traditional economic theories generally view people and governmental institutions as entirely rational actors. Evolutionary economics differs, shunning rational choice theory and instead pinpointing complex psychological factors as key drivers of the economy.

How to use Evolutionary economics in a sentence?

  1. Evolutionary economics proposes that economic processes evolve and are determined both by individuals and society as a whole.
  2. Economists in this field seek to explain economic behavior and progress in relation to evolution and evolutionary human instincts.
  3. It shuns the rational choice theory of traditional economics, arguing that psychological factors are key drivers of the economy.

Meaning of Evolutionary economics & Evolutionary economics Definition