Why Economics Must be an Evolutionary Science

Vicente Ferreira

No 2019/01, Working Papers Department of Economics from ISEG - Lisbon School of Economics and Management, Department of Economics, Universidade de Lisboa

Abstract: This paper addresses the evolution of evolutionary thought in economics as an alternative to the dominant static view of the economy. A short history of the earlier institutional approach, announced by Thorstein Veblen’s 1898 paper ‘Why is economics not an evolutionary science?’, is presented alongside a discussion of its key methodological and philosophical aspects. Veblen’s critiques of neoclassical economics are also discussed. Then the role of evolutionary concepts in economics throughout the twentieth century is analysed, from later institutionalists to recent complexity and chaos theories. It is argued complexity approaches are developed in line with Veblen’s institutional theory, and may be incorporated in an evolutionary theoretical framework which constitutes a necessary alternative to the neoclassical paradigm, as it better describes and studies real-world socio-economic phenomena.

Date: 2019-01
New Economics Papers: this item is included in nep-evo, nep-his, nep-hme, nep-hpe and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:ise:isegwp:wp012019

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