University of Hertfordshire

From the same journal

Economic Cosmology and the Evolutionary Challenge

Research output: Contribution to journalSpecial issue

  • John, M. Gowdy
  • Denise E. Dollimore
  • David Sloan Wilson
  • Ulrich Witt
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Original languageEnglish
Pages (from-to)s11-s20
JournalJournal of Economic Behavior and Organization
Journal publication dateJun 2013
Volume90
IssueSupp
Early online date5 Jan 2013
DOIs
Publication statusPublished - Jun 2013
EventProceedings of the NESCent International Workshop 2011 'Integrating Evolutionary Theory with Behavioral Economics' - North Carolina, United States
Duration: 14 Nov 201116 Nov 2011

Abstract

The intellectual histories of economics and evolutionary biology are closely intertwined because both subjects deal with living, complex, evolving systems. Because the subject matter is similar, contemporary evolutionary thought has much to offer to economics. In recent decades theoretical biology has progressed faster than economics in understanding phenomena like hierarchical processes, cooperative behavior, and selection processes in evolutionary change. This paper discusses three very old “cosmologies” in Western thought, how these play out in economic theory, and how evolutionary biology can help evaluate their validity and policy relevance. These cosmologies are: (1) “natural man” as a rational, self-sufficient, egotistical individual, (2) competition among individuals can lead to a well-functioning society, and (3) there exists an ideal optimal state of nature. These correspond to Colander et al. (2004) “holy trinity of orthodox economics”, rationality, greed, and equilibrium. It is argued below that current breakthroughs in evolutionary biology and neuroscience can help economics go beyond these simple cosmologies

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