Foundations of Evolutionary Economics, Chapter Three: Evolution

Carsten Herrmann-Pillath, FOUNDATIONS OF EVOLUTIONARY ECONOMICS, Edward Elgar, Forthcoming

Posted: 9 Mar 2011

See all articles by Carsten Herrmann-Pillath

Carsten Herrmann-Pillath

Max Weber Center for Advanced Cultural and Social Studies

Date Written: March 9, 2011

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

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

JEL Classification: A12, B52

Suggested Citation

Herrmann-Pillath, Carsten, Foundations of Evolutionary Economics, Chapter Three: Evolution (March 9, 2011). Carsten Herrmann-Pillath, FOUNDATIONS OF EVOLUTIONARY ECONOMICS, Edward Elgar, Forthcoming, Available at SSRN: https://ssrn.com/abstract=1781469

Carsten Herrmann-Pillath (Contact Author)

Max Weber Center for Advanced Cultural and Social Studies ( email )

Nordhäuserstr. 74
Erfurt, 90228
Germany

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