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The future of economics: The case for an evolutionary approach

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  • Robert Neild

Abstract

Much theoretical and empirical work by economists and psychologists has shown that the neo-classical approach is defective, and economists are now looking for an alternative. Evolutionary economics is the answer. It starts from the realistic premise that society and the economy are shaped by competition, but unlike neo-classical economics, it proceeds empirically by observing and analysing what has been happening to the economy and society. It does so on the premise that a process of social selection is taking place, analogous but not identical to that of biological selection. This dynamic approach requires a revival of economic history. By reporting on, and inviting debate over, what is happening and its implications, the adoption of an evolutionary approach should help restore the moral content of economics and the surrounding social sciences. Such a change in approach would be a paradigm shift, and will take time. That it will happen is likely: in the end facts kick.

Suggested Citation

  • Robert Neild, 2017. "The future of economics: The case for an evolutionary approach," The Economic and Labour Relations Review, , vol. 28(1), pages 164-172, March.
    • Handle: RePEc:sae:ecolab:v:28:y:2017:i:1:p:164-172
    DOI: 10.1177/1035304616687445
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    References listed on IDEAS

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    More about this item

    Keywords

    Accelerating innovation; distribution; dynamic economic analysis; empirically based economics; evolutionary economics; neo-classical economics; paradigm shift; social selection;
    All these keywords.

    JEL classification:

    • E14 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Austrian; Evolutionary; Institutional

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