Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/88256 
Year of Publication: 
2012
Series/Report no.: 
Papers on Economics and Evolution No. 1212
Publisher: 
Max Planck Institute of Economics, Jena
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, as manifested in economic theory are, (1) rational economic man, (2) the invisible hand of the market, and (3) the existence of a general competitive equilibrium. It is argued below that current breakthroughs in evolutionary biology and neuroscience can help economics go beyond these simple cosmologies.
Document Type: 
Working Paper

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