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Towards An Evolutionary Economic Theory

Author

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  • DINGA Emil

    (Centre for Financial and Monetary Research „Victor Slăvescu” – Romanian Academy)

Abstract

Today, the neoclassic economic theory still dominates the economic analysis, prediction, and even public economic policy, encouraged, unfortunately, by the career criteria in science and education fields. In such a context, the objectives of the paper are: (1) to systematize the findings related to the unrealism and theoretical and methodological mistakes of the economic neoclassic model; (2) to argue about the desirability, reliability, realism, and efficaciousness of an evolutionary model of the economy (and of Economics); (3) to draw the basic lines which an evolutionary economic theory could be edified on, starting from both the statu quo in the matter and the logical examination of the question. The approach of research is a mix between logical and historical (but not empirical) views regarding the evolutionary economic model/theory. The main results are: (a) arguing on the possibility of crystalizing the basic concepts of an evolutionary economic model; (b) making proposals for the evolutionary economic mechanism (in its abstract understanding – as cybernetic system of order 3); (c) warning on the risks of a tale quale taking over of the evolutionary concepts from Biology; (d) identifying the principles to be followed in building up of an evolutionary economic theory.

Suggested Citation

  • DINGA Emil, 2024. "Towards An Evolutionary Economic Theory," Management of Sustainable Development, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 16(1), pages 1-10, June.
    • Handle: RePEc:blg:msudev:v:16:y:2024:i:1:p:1-10:n:1
    DOI: https://doi.org/10.54989/msd-2024-0001
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    References listed on IDEAS

    as
    1. Bartholomew Frederick Dowling, 2005. "Evolutionary Finance — an Applied Perspective," Palgrave Macmillan Books, in: Evolutionary Finance, chapter 7, pages 202-234, Palgrave Macmillan.
    2. Smith, Adam, 1977. "An Inquiry into the Nature and Causes of the Wealth of Nations," University of Chicago Press Economics Books, University of Chicago Press, number 9780226763743 edited by Cannan, Edwin.
    3. Bartholomew Frederick Dowling, 2005. "Evolutionary Finance," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-50219-2, December.
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