Rethinking Economics: Toward an Evolutionary Science

Klaus Solberg Söilen ()
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Klaus Solberg Söilen: Halmstad University

Chapter 1 in Applied Evolutionary Economics, 2025, pp 1-34 from Springer

Abstract: Abstract This chapter introduces the core premise of the book: that economics, like all studies of living systems, should be grounded in evolutionary theory. It lays out the foundational logic for rethinking economics as an evolutionary science by exploring both historical precedents and contemporary applications. The chapter distinguishes between macro-level approaches to evolutionary economics and the proposed micro-level extensions—Biological Behavioral Economics and Physiology Economics—which integrate physiological and evolutionary insights into decision-making theory. It discusses how these frameworks improve our understanding of real-world behavior, from consumer decisions to public policy, and compares them with mainstream economic schools and heterodox alternatives. Drawing on developments in evolutionary game theory, neuroeconomics, and ecological economics, the chapter argues for a reintegration of economics with the life sciences. This shift, we argue, will produce more realistic, adaptable, and human-centered economic models that better reflect the complexity of contemporary economic life.

Keywords: Evolutionary economics; Biological Behavioral Economics; Physiology Economics; Evolutionary game theory; Economic paradigms; Adaptive behavior; Decision-making; Historical schools of thought; Georgescu-Roegen; Bioeconomics; Complexity economics; Cultural evolution; Economic modeling; Interdisciplinary economics; Economic adaptation (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:spr:mgmchp:978-3-032-03683-4_1

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DOI: 10.1007/978-3-032-03683-4_1

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