IDEAS home Printed from https://ideas.repec.org/a/mes/jeciss/v50y2016i2p390-397.html
   My bibliography  Save this article

Evolution-Based Approaches in Economics and Evolutionary Loss of Information

Author

Listed:
  • Torsten Heinrich

Abstract

Evolutionary economics provides a self-organizing, stabilizing mechanism without relying on mechanic equilibria. However, there are substantial differences between the genetic evolutionary biology and the evolution of institutions, firms, routines, or strategies in economics. Most importantly, there is no genetic codification and no sexual reproduction in economic evolution, and the involved agents can interfere consciously and purposefully. This entails a general lack of fixation and a quick loss of information through a Muller’s ratchet-like mechanism. The present contribution discusses the analogy of evolution in biology and economics, and considers potential problems resulting in evolutionary models in economics.

Suggested Citation

  • Torsten Heinrich, 2016. "Evolution-Based Approaches in Economics and Evolutionary Loss of Information," Journal of Economic Issues, Taylor & Francis Journals, vol. 50(2), pages 390-397, April.
    • Handle: RePEc:mes:jeciss:v:50:y:2016:i:2:p:390-397
    DOI: 10.1080/00213624.2016.1176485
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1080/00213624.2016.1176485
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/00213624.2016.1176485?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Heinrich, Torsten, 2016. "The Narrow and the Broad Approach to Evolutionary Modeling in Economics," MPRA Paper 75797, University Library of Munich, Germany.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:mes:jeciss:v:50:y:2016:i:2:p:390-397. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/MJEI20 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.