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Evolutionary Economics
Evolutionary economics is part of mainstream economics as well as a heterodox school of economic thought that is inspired by evolutionary biology. Much like mainstream economics, it stresses complex interdependencies, competition, growth, structural change, and resource constraints but differs in the approaches which are used to analyze these phenomena. Some scholars prefer to call their evolutionary theory by a different names. Samuel Bowles named it "evolutionary social science" and Joachim Rennstich called it "evolutionary systems theory". Evolutionary economics deals with the study of processes that transform economy for firms, institutions, industries, employment, production, trade and growth within, through the actions of diverse agents from experience and interactions, using evolutionary methodology. Evolutionary economics analyzes the unleashing of a process of technological and institutional innovation by generating and testing a diversity of ideas which discover and ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mainstream Economics
Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis for discussion. Also known as orthodox economics, it can be contrasted to heterodox economics, which encompasses various schools or approaches that are only accepted by a minority of economists. The economics profession has traditionally been associated with neoclassical economics. This association has however been challenged by prominent historians of economic thought like David Collander. They argue the current economic mainstream theories, such as game theory, behavioral economics, industrial organization, information economics, and the like, share very little common ground with the initial axioms of neoclassical economics. History Economics has always featured multiple schools of economic thought, with different schools having different prominence across countries and over time. The current use of the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mathematical Optimization
Mathematical optimization (alternatively spelled ''optimisation'') or mathematical programming is the selection of a best element, with regard to some criterion, from some set of available alternatives. It is generally divided into two subfields: discrete optimization and continuous optimization. Optimization problems of sorts arise in all quantitative disciplines from computer science and engineering to operations research and economics, and the development of solution methods has been of interest in mathematics for centuries. In the more general approach, an optimization problem consists of maxima and minima, maximizing or minimizing a Function of a real variable, real function by systematically choosing Argument of a function, input values from within an allowed set and computing the Value (mathematics), value of the function. The generalization of optimization theory and techniques to other formulations constitutes a large area of applied mathematics. More generally, opti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Fitness (biology)
Fitness (often denoted w or ω in population genetics models) is the quantitative representation of individual reproductive success. It is also equal to the average contribution to the gene pool of the next generation, made by the same individuals of the specified genotype or phenotype. Fitness can be defined either with respect to a genotype or to a phenotype in a given environment or time. The fitness of a genotype is manifested through its phenotype, which is also affected by the developmental environment. The fitness of a given phenotype can also be different in different selective environments. With asexual reproduction, it is sufficient to assign fitnesses to genotypes. With sexual reproduction, recombination scrambles alleles into different genotypes every generation; in this case, fitness values can be assigned to alleles by averaging over possible genetic backgrounds. Natural selection tends to make alleles with higher fitness more common over time, resulting in Darwin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Utility
As a topic of economics, utility is used to model worth or value. Its usage has evolved significantly over time. The term was introduced initially as a measure of pleasure or happiness as part of the theory of utilitarianism by moral philosophers such as Jeremy Bentham and John Stuart Mill. The term has been adapted and reapplied within neoclassical economics, which dominates modern economic theory, as a utility function that represents a single consumer's preference ordering over a choice set but is not comparable across consumers. This concept of utility is personal and based on choice rather than on pleasure received, and so is specified more rigorously than the original concept but makes it less useful (and controversial) for ethical decisions. Utility function Consider a set of alternatives among which a person can make a preference ordering. The utility obtained from these alternatives is an unknown function of the utilities obtained from each alternative, not the sum of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Rational Choice Theory
Rational choice theory refers to a set of guidelines that help understand economic and social behaviour. The theory originated in the eighteenth century and can be traced back to political economist and philosopher, Adam Smith. The theory postulates that an individual will perform a cost-benefit analysis to determine whether an option is right for them.Gary Browning, Abigail Halcli, Frank Webster (2000). ''Understanding Contemporary Society: Theories of the Present'', London: SAGE Publications. It also suggests that an individual's self-driven rational actions will help better the overall economy. Rational choice theory looks at three concepts: rational actors, self interest and the invisible hand. Rationality can be used as an assumption for the behaviour of individuals in a wide range of contexts outside of economics. It is also used in political science, sociology, and philosophy. Overview The basic premise of rational choice theory is that the decisions made by individual ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolutionary Psychology
Evolutionary psychology is a theoretical approach in psychology that examines cognition and behavior from a modern evolutionary perspective. It seeks to identify human psychological adaptations with regards to the ancestral problems they evolved to solve. In this framework, psychological traits and mechanisms are either functional products of natural and sexual selection, non-adaptive by-products of other adaptive traits, or noise. Adaptationist thinking about physiological mechanisms, such as the heart, lungs, and the liver, is common in evolutionary biology. Evolutionary psychologists apply the same thinking in psychology, arguing that just as the heart evolved to pump blood, and the liver evolved to detoxify poisons, there is modularity of mind in that different psychological mechanisms evolved to solve different adaptive problems. These evolutionary psychologists argue that much of human behavior is the output of psychological adaptations that evolved to solve recurrent p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
The New Palgrave Dictionary Of Economics
''The New Palgrave Dictionary of Economics'' (2018), 3rd ed., is a twenty-volume reference work on economics published by Palgrave Macmillan. It contains around 3,000 entries, including many classic essays from the original Inglis Palgrave Dictionary, and a significant increase in new entries from the previous editions by the most prominent economists in the field, among them 36 winners of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel. Articles are classified according to ''Journal of Economic Literature'' (''JEL'') classification codes. ''The New Palgrave'' is also available in a hyperlinked online version. Online content is added to the 2018 edition, and a 4th edition under the editorship of J. Barkley Rosser Jr., Esteban Pérez Caldentey, and Matías Vernengo will be published in the future. The first edition was titled ''The New Palgrave: A Dictionary of Economics'' (1987), was and edited by John Eatwell, Murray Milgate, and Peter Newman, as a w ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Teleology
Teleology (from and )Partridge, Eric. 1977''Origins: A Short Etymological Dictionary of Modern English'' London: Routledge, p. 4187. or finalityDubray, Charles. 2020 912Teleology" In ''The Catholic Encyclopedia'' 14. New York: Robert Appleton Company. Retrieved 3 May 2020. – via ''New Advent'', transcribed by D. J. Potter is a reason or an explanation for something which serves as a function of its end, its purpose, or its goal, as opposed to something which serves as a function of its cause. A purpose that is imposed by human use, such as the purpose of a fork to hold food, is called ''extrinsic''. ''Natural teleology,'' common in classical philosophy, though controversial today, contends that natural entities also have ''intrinsic'' purposes, regardless of human use or opinion. For instance, Aristotle claimed that an acorn's intrinsic ''telos'' is to become a fully grown oak tree. Though ancient atomists rejected the notion of natural teleology, teleological accounts of non ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Natural Science
Natural science is one of the branches of science concerned with the description, understanding and prediction of natural phenomena, based on empirical evidence from observation and experimentation. Mechanisms such as peer review and repeatability of findings are used to try to ensure the validity of scientific advances. Natural science can be divided into two main branches: life science and physical science. Life science is alternatively known as biology, and physical science is subdivided into branches: physics, chemistry, earth science, and astronomy. These branches of natural science may be further divided into more specialized branches (also known as fields). As empirical sciences, natural sciences use tools from the formal sciences, such as mathematics and logic, converting information about nature into measurements which can be explained as clear statements of the " laws of nature". Modern natural science succeeded more classical approaches to natural philosophy, usu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Non-equilibrium Economics
Non-equilibrium economics understands economic processes as non-equilibrium phenomena, as opposed to standard neoclassical equilibrium economics. This approach is consistent with our understanding of life processes as non-equilibrium phenomena. It is represented by modern researchers in the fields of evolutionary-institutional economics, Post Keynesian economics, Ecological Economics, development and growth economics. The early contributions to this theory were made by Thorstein Veblen, Gunnar Myrdal, Karl William Kapp and Nicholas Kaldor. Many contributions have been made to this field in recent years, such as "The Foundations of Non-Equilibrium Economics: The Principle of Circular Cumulative Causation" (2009), Routledge. Related fields of economics include Complexity economics and Evolutionary economics. See also * Disequilibrium macroeconomics Disequilibrium macroeconomics is a tradition of research centered on the role of disequilibrium in economics. This approach is also kn ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Charles Darwin
Charles Robert Darwin ( ; 12 February 1809 – 19 April 1882) was an English naturalist, geologist, and biologist, widely known for his contributions to evolutionary biology. His proposition that all species of life have descended from a common ancestor is now generally accepted and considered a fundamental concept in science. In a joint publication with Alfred Russel Wallace, he introduced his scientific theory that this branching pattern of evolution resulted from a process he called natural selection, in which the struggle for existence has a similar effect to the artificial selection involved in selective breeding. Darwin has been described as one of the most influential figures in human history and was honoured by burial in Westminster Abbey. Darwin's early interest in nature led him to neglect his medical education at the University of Edinburgh; instead, he helped to investigate marine invertebrates. His studies at the University of Cambridge's Christ's Col ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Evolution
Evolution is change in the heritable characteristics of biological populations over successive generations. These characteristics are the expressions of genes, which are passed on from parent to offspring during reproduction. Variation tends to exist within any given population as a result of genetic mutation and recombination. Evolution occurs when evolutionary processes such as natural selection (including sexual selection) and genetic drift act on this variation, resulting in certain characteristics becoming more common or more rare within a population. The evolutionary pressures that determine whether a characteristic is common or rare within a population constantly change, resulting in a change in heritable characteristics arising over successive generations. It is this process of evolution that has given rise to biodiversity at every level of biological organisation, including the levels of species, individual organisms, and molecules. The theory of evolution by ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
