What is evolutionary economics?

Market dynamics, dynamic resource management and environmental policy in the context of (strong) sustainability

“…This framework perfectly fits to the discipline of ecological economics (Boulding (1978), Boulding (1981)). …”

“…One novelty of this paper is that this coevolutionary model can be further used to discuss environmental policy strategies in the context of a dynamic resource management frame. This framework perfectly fits to the discipline of ecological economics, and its importance and amenities compared to neoclassical approaches has been clearly emphasized by Kenneth E. Boulding (Boulding (1978), Boulding (1981)). The outline of the paper is as follows: In the next section the co-evolutionary model is introduced.…”

Uneven Growth between Interdependent Economies: An Evolutionary View on Technology Gaps, Trade and Growth.

“…Obviously, if no generally valid pattern of behaviour exists, and moreover, agent-specific behaviour cannot be quantified in an exact way, this procedure is no longer possible. If the behavioural pattern of all agents is based on different rules of thumb whose exact nature is unknown to the model-builder, and might yield different reactions to identical stimuli, the representative agent looses its use as an analytical concept Recently, it has been suggested by among others Silverberg (1988), Nelson and Winter (1982) and Boulding (1981) that the evolutionary principle of selection might be a useful substitute for market equilibrium. Drawing an analogy with biology, one would then speak of 'economic selection' (vs 'natural selection' in biology).…”

A Vision of the Future of Science: Reintegrating of the Study of Humans and the Rest of Nature

“…The paradigm of evolution has been broadly applied to both ecological and economic systems (Boulding 1981;Arthur 1988;Lindgren 1991;Maxwell and Costanza 1993) as a way of formalizing understanding of adaptation and learning behaviors in non-equilibrium dynamic systems. The general evolutionary paradigm posits a mechanism for adaptation and learning in complex systems at any scale using three basic interacting processes: (1) information storage and transmission; (2) generation of new alternatives; and (3) selection of superior alternatives according to some performance criteria.…”