The Narrow and the Broad Approach to Evolutionary Modeling in Economics

Heinrich, Torsten (2016): The Narrow and the Broad Approach to Evolutionary Modeling in Economics.

Abstract

Some models in evolutionary economics rely on direct analogies to genetic evolution: Assuming a population of firms with routines, technologies and strategies on which forces of diversity generation and selection act. This narrow conception can build upon previous findings from evolutionary biology. Broader concepts of evolution allow either many or just one adaptive entity instead of necessarily requiring a population. Thus, an institution or a society can also be understood as the evolutionary entity. Both the narrow and the broad approach have been extensively used in the literature, albeit in different literature traditions. The paper gives an overview over the conception and the development of both approaches to evolutionary modeling and argues that a generalization is needed to realize the full potential of evolutionary modeling.

• Item Type: MPRA Paper
• Language: English
• Keywords: evolutionary economics; pattern evolution; dissipative structures; stability
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B2 - History of Economic Thought since 1925 > B25 - Historical ; Institutional ; Evolutionary ; Austrian; B - History of Economic Thought, Methodology, and Heterodox Approaches > B5 - Current Heterodox Approaches > B52 - Institutional ; Evolutionary; O - Economic Development, Innovation, Technological Change, and Growth > O3 - Innovation ; Research and Development ; Technological Change ; Intellectual Property Rights > O33 - Technological Change: Choices and Consequences ; Diffusion Processes

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