Evolution-Based Approaches in Economics and Evolutionary Loss of Information
MPRA Paper from University Library of Munich, Germany
Evolutionary economics provides a self-organizing stabilizing mechanism without relying on mechanic equilibria. However, there are substantial differences between the genetic evolutionary biology, and the evolution of institutions, firms, routines or strategies in economics. Most importantly, there is no genetic codification and no sexual reproduction in economic evolution, and the involved agents can interfere consciously and purposefully. This entails a general lack of fixation and perhaps the quick loss of information through a Muller's ratchet like mechanism. The present contribution discusses the analogy of evolution in biology and economics and considers potential problems resulting in evolutionary models in economics.
Keywords: evolutionary economics; evolutionary loss of information; error catastrophe; resilience (search for similar items in EconPapers)
JEL-codes: B25 B52 O33 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-evo and nep-hme
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