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social science subjects > economics > applied economics > evolutionary economics
... > social science subjects > criminology and criminal justice > criminology > law and society > law and economics > evolutionary economics
... > social science subjects > politics and international relations > political science > law and courts > law and society > law and economics > evolutionary economics
... > social science subjects > politics and international relations > political science > ideologies > libertarianism > libertarianism and policy > law and economics > evolutionary economics
... > social science subjects > business and management > organization studies > organization studies encyc > approaches to organization theory > organizational economics > law and economics > evolutionary economics
... > social science subjects > business and management > organization studies > organization studies encyc > organizational economics > law and economics > evolutionary economics

Preferred term

evolutionary economics  

Definition

  • In contrast to orthodox economics, evolutionary economics has constant change and bounded rationality as the foundation of all its analysis. This implies that one studies the processes of markets with innovation instead of the equilibria of markets with a fixed set of goods, and adaptive routine behavior instead of individual utility or profit maximization. [Source: Encyclopedia of Law & Society: American and Global Perspectives; Evolutionary Economics]

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https://concepts.sagepub.com/social-science/concept/evolutionary_economics

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