 The future of economics: The case for an evolutionary approachRobert Neild The Economic and Labour Relations Review, 2017, vol. 28, issue 1, 164-172 Abstract: Much theoretical and empirical work by economists and psychologists has shown that the neo-classical approach is defective, and economists are now looking for an alternative. Evolutionary economics is the answer. It starts from the realistic premise that society and the economy are shaped by competition, but unlike neo-classical economics, it proceeds empirically by observing and analysing what has been happening to the economy and society. It does so on the premise that a process of social selection is taking place, analogous but not identical to that of biological selection. This dynamic approach requires a revival of economic history. By reporting on, and inviting debate over, what is happening and its implications, the adoption of an evolutionary approach should help restore the moral content of economics and the surrounding social sciences. Such a change in approach would be a paradigm shift, and will take time. That it will happen is likely: in the end facts kick. Keywords: Accelerating innovation; distribution; dynamic economic analysis; empirically based economics; evolutionary economics; neo-classical economics; paradigm shift; social selection (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:sae:ecolab:v:28:y:2017:i:1:p:164-172 Access Statistics for this article More articles in The Economic and Labour Relations Review |
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