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A new formal approach to evolutionary processes in socioeconomic systems

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  • Rodrick Wallace

Abstract

Generalized Darwinian evolutionary theory has emerged as central to the description of economic process (e.g., Aldrich et al., J Evol Econ 18:577–596, 2008 ). Just as Darwinian principles provide necessary, but not sufficient, conditions for understanding the dynamics of social entities, so too the asymptotic limit theorems of information theory instantiate another set of necessary conditions that constrain socioeconomic evolution. These restrictions can be formulated as a statistics-like analytic toolbox for the study of empirical data that is consistent with generalized Darwinism, but escapes the intellectual straightjacket of replicator dynamics. The formalism is a coevolutionary theory in which punctuated convergence to temporary quasi-equilibira is inherently nonequilibrium, involving highly dynamic ‘languages’ rather than system stable points. Copyright Springer-Verlag 2013

Suggested Citation

  • Rodrick Wallace, 2013. "A new formal approach to evolutionary processes in socioeconomic systems," Journal of Evolutionary Economics, Springer, vol. 23(1), pages 1-15, January.
    • Handle: RePEc:spr:joevec:v:23:y:2013:i:1:p:1-15
    DOI: 10.1007/s00191-011-0237-1
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    References listed on IDEAS

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    1. Beinhocker, Eric D., 2011. "Evolution as computation: integrating self-organization with generalized Darwinism," Journal of Institutional Economics, Cambridge University Press, vol. 7(3), pages 393-423, September.
    2. J. W. Stoelhorst, 2008. "The explanatory logic and ontological commitments of generalized Darwinism," Journal of Economic Methodology, Taylor & Francis Journals, vol. 15(4), pages 343-363.
    3. Wymer, Clifford R., 1997. "Structural Nonlinear Continuous-Time Models In Econometrics," Macroeconomic Dynamics, Cambridge University Press, vol. 1(2), pages 518-548, June.
    4. Andrew G. Haldane & Robert M. May, 2011. "Systemic risk in banking ecosystems," Nature, Nature, vol. 469(7330), pages 351-355, January.
    5. U. Dieckmann & R. Law, 1996. "The Dynamical Theory of Coevolution: A Derivation from Stochastic Ecological Processes," Working Papers wp96001, International Institute for Applied Systems Analysis.
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    Citations

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    Cited by:

    1. Horst Hanusch & Lekha S. Chakraborty & Swati Khurana, 2017. "Fiscal Policy, Economic Growth and Innovation: An Empirical Analysis of G20 Countries," Economics Working Paper Archive wp_883, Levy Economics Institute.
    2. Horst Hanusch & Lekha Chakraborty & Swati Khurana, 2016. "Public Expenditures, Innovation and Economic Growth: Empirical Evidence from G20 Countries," Discussion Paper Series 329, Universitaet Augsburg, Institute for Economics.
    3. Wallace, Rodrick & Fullilove, Robert E., 2014. "State policy and the political economy of criminal enterprise: mass incarceration and persistent organized hyperviolence in the USA," Structural Change and Economic Dynamics, Elsevier, vol. 31(C), pages 17-31.

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    More about this item

    Keywords

    Cognition; Coevolution; Competition; Information theory; Interaction; Punctuated equilibrium; Selection; B52; C61; D02; L10; P50; Z10;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • C61 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Optimization Techniques; Programming Models; Dynamic Analysis
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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