November 6, 2015

The x-th reinvention of evolutionary economics

Comment on ‘We Had It All Wrong. Adam Smith Isn’t the True Father of Economics’


You say that current Walrasianism is the wrong approach. That is true, of course. You take ‘Society is an Organism’ as a ‘hook for getting people to think in the right way’. This, unfortunately, is also a failed approach since Veblen founded the subdiscipline of evolutionary economics (strictly speaking Malthus founded it and Darwin borrowed it). Here are the reasons why.

Economics has to develop its own methodology and neither copy it from Newton nor from Darwin. Imitation is exactly, as Feynman pointed out, what makes a cargo cult science (see Wikipedia). Evonomics does not pass the scientific fitness test but has some survival chances as a sitcom.