Foundations of Evolutionary Economics, Chapter Three: Evolution

Abstract:     
A full summary of Chapter Three can be found at the beginning of the main text. The chapter proposes a theory of evolution which is Darwinian, but emphasises emergence, hierarchy and complexity and eschews genetic reductionism. I argue that the core concept of evolutionary theory is heredity, understood as statistical correlations across an evolving state space, which is formalized in Price’s equation. The replicator/interactor distinction is a purely functional one, and is evolving through time. Selection is frequency-dependent in principle, which puts mechanisms such as the Red Queen or the Handicap principle into the center of evolutionary theory. Adaptation and fitness are separate categories, and the main driver of novelties in evolution is exaptation. Evolution is conceived as expression of the Second Law, via the intermediation of Lotka’s principle.

Overview of book contents:

• Chapter 1: Ontology
• Chapter 2: Causality
• Chapter 3: Evolution
• Chapter 4: Individuals
• Chapter 5: Networks
• Chapter 6: Institutions
• Chapter 7: Technology
• Chapter 8: Markets

Number of Pages in PDF File: 119

Keywords: entropy, emergence, replicator/interactor, Price's equation, group selection, Red Queen, handicap principle, exaptation

JEL Classification: A12, B52

Accepted Paper Series