Evolutionary Economics

Evolutionary economics is a relatively new economic methodology that is modeled on biology. It stresses complex interdependencies, competition, growth, and resource constraints.

Conventional economic reasoning begins with the definition of scarcity, then assumes the existence of a “rational agent” bent solely on the attainment of one goal — the maximization of her/his welfare as defined by that agent. The scheme of valuation (“preferences” or “tastes”) used by the decision-maker is also assumed to be constant and native to the agent (“independent preferences“). Given the foregoing stipulations, the determination of the “rational choice” for any agent becomes a straightforward exercise in the differential calculus.

Evolutionary economics derives from a more modern tradition of inquiry, which does not take the characteristics of either the objects of choice or of the decision-maker as fixed. It challenges the Newtonian worldview in economics in the similar manner, as it was challenged by Darwinian evolutionary theory in biology and by studies of self-organization in physics.

Since it is a new branch of economics, websites providing resources on this topic are yet   to come. Still we have something interesting to know. heres are the links –

Basic ideas ( this sites provides basic ideas on evolutionary economics)

Evolutionary Economics Inter alia

Wikipedia

Articles

What Economists Can Learn from Evolutionary Theorists by Paul Krugman

Richard R. Nelson, Evolutionary Theories of Cultural Change: An Empirical Perspective [“the standard articulations of a Universal Darwinism put forth by biologists and philosophers tends to be too narrow, in particular too much linked to the details of evolution in biology, to fit with what is known about cultural evolution.”]

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