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A synthesis of evolutionary and behavioural economics

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  • Polowczyk Jan

    (Poznań University of Economics and Business, Institute of International Business and Economics, Department of International Competitiveness, al. Niepodległości 10, 61-875 Poznań, Poland)

Abstract

The article presents the current state of evolutionary economics against the backdrop of changes related to the potential use of the achievements of other social sciences, in particular psychology, as well as dynamically developing neuroscience. The article suggests a synthesis of evolutionary and behavioural economics concepts as a logical consequence of evolutionary cooperation processes in social sciences. Interdisciplinary initiatives create new perspectives on generation synergy effects for all participants. Contemporary evolutionary economists present the nature of ongoing innovation-driven economic change as a long evolutionary process. The main creator of the econosphere as a global system is a man–entrepreneur who is also the result of evolutionary processes. For this reason evolutionary economics should take into account the results of behavioural economics’ research based on modern psychology and neuro-science. The cornerstone of evolutionary and behavioural economics synthesis are the theories of Adam Smith which should be regarded as his holistic intellectual heritage.

Suggested Citation

  • Polowczyk Jan, 2021. "A synthesis of evolutionary and behavioural economics," Economics and Business Review, Sciendo, vol. 7(3), pages 16-34, September.
    • Handle: RePEc:vrs:ecobur:v:7:y:2021:i:3:p:16-34:n:6
    DOI: 10.18559/ebr.2021.3.3
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    References listed on IDEAS

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    More about this item

    Keywords

    evolutionary economics; behavioural economics; evolutionary paradigm; Adam Smith;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • E71 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on the Macro Economy

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