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Survival of the Most Foolish of Fools: The Limits of Evolutionary Selection Theory

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  • Elias Khalil

Abstract

The paper investigates whether evolutionary selection, in nature or the market, ensures the survival of rational agents. It argues that once rationality appears, evolutionary selection can account for its diffusion—but cannot account for its appearance in the first place. This issue differs from the investigation of whether history matters. The issue of history or path-dependency focuses on whether evolutionary selection can favor the survival of the potentially most productive apparatus (in the biological or technological sense). To show this, the paper commences with the much-neglected difference between efficiency and productivity. Copyright Kluwer Academic Publishers 2000

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  • Elias Khalil, 2000. "Survival of the Most Foolish of Fools: The Limits of Evolutionary Selection Theory," Journal of Bioeconomics, Springer, vol. 2(3), pages 203-220, October.
    • Handle: RePEc:kap:jbioec:v:2:y:2000:i:3:p:203-220
    DOI: 10.1023/A:1012230728158
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    Cited by:

    1. Sammut-Bonnici, Tanya & Wensley, Robin, 2002. "Darwinism, probability and complexity: market- based organizational transformation and change explained through the theories of evolution," MPRA Paper 50979, University Library of Munich, Germany.
    2. Metcalfe, John S. & Ramlogan, Ronnie & Uyarra, E., 2002. "Economic Development and the Competitive Process," Centre on Regulation and Competition (CRC) Working papers 30612, University of Manchester, Institute for Development Policy and Management (IDPM).
    3. Deby Cassill, 2003. "Skew Selection: Nature Favors a Trickle-Down Distribution of Resources in Ants," Journal of Bioeconomics, Springer, vol. 5(2), pages 83-96, May.
    4. J. Metcalfe, 2002. "On the Optimality of the Competitive Process: Kimura's Theorem and Market Dynamics," Journal of Bioeconomics, Springer, vol. 4(2), pages 109-133, May.

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