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Like behavioral economics, the actions of companies are believed to be shaped by more than just a goal to make a profit.
American economist Thorstein Veblen came up with the term evolutionary economics.
He believed psychological factors presented better explanations for economic behavior than traditional rational choice theory.
Evolutionary economists believe the economy is dynamic, constantly changing and chaotic, rather than always tending toward a state of equilibrium.
The creation of goods and the procurement of supplies for those goods involves many processes that change as technology develops.
Lamarck's argument similarly contends that species with features better-suited to their environment features outdo those worse-suited.
Approach Economics Economy Essay Evolutionary Evolving Social Studies Education Essay
However, unlike Darwin, Lamarck argued that species could "adapt" to their environment during their lifetimes, and that these "adaptations" will be carried over through reproduction.
Indeed, the term "evolutionary" has been bandied about so freely that perhaps the only real definition of it is the following: a theory is said to be "evolutionary" if it is my theory, it is said to be "mechanical" if it is your theory.(!
)Early Evolutionary Economics The most popular conception of evolution is Charles Darwin's famous 1859 theory of "natural selection" applied to species of living organisms.
The field explores how human behavior, such as our sense of fairness and justice, extends to economics.
This branch of economics is inspired by evolutionary biology.