Evolutionary Economics

AAA

DEFINITION of 'Evolutionary Economics '

A term coined by Thorstein Veblen (1857-1929), an American economist and sociologist. Veblen's evolutionary economics drew upon anthropology, sociology, psychology and Darwinian principles. Evolutionary economists believe that economic organization is a dynamic process involving ongoing transformation, and that economic behavior is determined by both individuals and society as a whole.

INVESTOPEDIA EXPLAINS 'Evolutionary Economics '

Evolutionary economics seeks to explain economic behavior and progress in relation to evolution and evolutionary human instincts such as predation, emulation and curiosity. Evolutionary economics explores how human behavior, such as our sense of fairness and justice, extends to economics.

RELATED TERMS
  1. Economics

    A social science that studies how individuals, governments, firms ...
  2. Macroeconomics

    The field of economics that studies the behavior of the aggregate ...
  3. Microeconomics

    The branch of economics that analyzes the market behavior of ...
  4. Monopoly

    A situation in which a single company or group owns all or nearly ...
  5. Green Economics

    A methodology of economics that supports the harmonious interaction ...
  6. Green Fund

    A mutual fund or other investment vehicle that will only invest ...
Related Articles
  1. Fundamental Analysis

    How Influential Economists Changed Our ...

  2. Austrian School of Economics, von Hayek
    Economics

    The Austrian School Of Economics

  3. Economics

    Why Can't Economists Agree?

  4. Economics

    How A Limited Government Affects A Country's ...

Hot Definitions
  1. Capitulation

    When investors give up any previous gains in stock price by selling equities in an effort to get out of the market and into ...
  2. Turkey

    Slang for an investment that yields disappointing results or turns out worse than expected. Failed business deals, securities ...
  3. Conduit Issuer

    An organization, usually a government agency, that issues municipal securities to raise capital for revenue-generating projects ...
  4. Financing Entity

    The party in a financing arrangement that provides money, property, or another asset to an intermediate entity or financed ...
  5. Hyperinflation

    Extremely rapid or out of control inflation. There is no precise numerical definition to hyperinflation. Hyperinflation is ...
  6. Gross Rate Of Return

    The total rate of return on an investment before the deduction of any fees or expenses. The gross rate of return is quoted ...
Trading Center