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Evolutionary efficiency in economic systems: A proposal

Author

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  • María-Isabel Encinar

    (Universidad Autónoma de Madrid, Spain)

Abstract

The paper proposes an efficiency criterion for evolving economic systems. Drawing on the idea that these systems develop from the interconnected actions of intentional creative agents (which invent and try to carry out action plans), the suggested criterion at a micro level could be state as follows: a system is efficient (from a micro evolutionary perspective) if agents’ intentional and hierarchical (open) goals are actualized through action. Thus, intentionality leads to facts and goals are reached. The evolutionary efficiency criterion proposed in the paper links the intended goals of heterogeneous agents and the performance of the system they are involved.

Suggested Citation

  • María-Isabel Encinar, 2016. "Evolutionary efficiency in economic systems: A proposal," Cuadernos de Economía - Spanish Journal of Economics and Finance, Asociación Cuadernos de Economía, vol. 39(110), pages 93-98, Mayo.
    • Handle: RePEc:cud:journl:v:39:y:2016:i:110:p:93-98
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    Citations

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    Cited by:

    1. Félix-Fernando Muñoz & María-Isabel Encinar, 2019. "Some elements for a definition of an evolutionary efficiency criterion," Journal of Evolutionary Economics, Springer, vol. 29(3), pages 919-937, July.
    2. Vitaly L. Tambovtsev, 2021. "Targeted programs in the Russian Federation as a matter for evaluation," Upravlenets, Ural State University of Economics, vol. 12(2), pages 46-62, April.

    More about this item

    Keywords

    Intentionality; Connections; Action plans; Economic systems; Evolutionary efficiency;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D61 - Microeconomics - - Welfare Economics - - - Allocative Efficiency; Cost-Benefit Analysis

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