The Narrow and the Broad Approach to Evolutionary Modeling in Economics
Torsten Heinrich ()
MPRA Paper from University Library of Munich, Germany
Some models in evolutionary economics rely on direct analogies to genetic evolution: Assuming a population of firms with routines, technologies and strategies on which forces of diversity generation and selection act. This narrow conception can build upon previous findings from evolutionary biology. Broader concepts of evolution allow either many or just one adaptive entity instead of necessarily requiring a population. Thus, an institution or a society can also be understood as the evolutionary entity. Both the narrow and the broad approach have been extensively used in the literature, albeit in different literature traditions. The paper gives an overview over the conception and the development of both approaches to evolutionary modeling and argues that a generalization is needed to realize the full potential of evolutionary modeling.
Keywords: evolutionary economics; pattern evolution; dissipative structures; stability (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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