A Synthesis of Evolutionary and Behavioural Economics

• Autorzy: Jan Polowczyk
• Języki publikacji: EN

Abstrakty

EN

The article presents the current state of evolutionary economics against the backdrop of changes related to the potential use of the achievements of other social sciences, in particular psychology, as well as dynamically developing neuroscience. The article suggests a synthesis of evolutionary and behavioural economics concepts as a logical consequence of evolutionary cooperation processes in social sciences. Interdisciplinary initiatives create new perspectives on generation synergy effects for all participants. Contemporary evolutionary economists present the nature of ongoing innovation-driven economic change as a long evolutionary process. The main creator of the econosphere as a global system is a man-entrepreneur who is also the result of evolutionary processes. For this reason evolutionary economics should take into account the results of behavioural economics' research based on modern psychology and neuroscience. The cornerstone of evolutionary and behavioural economics synthesis are the theories of Adam Smith which should be regarded as his holistic intellectual heritage. (original abstract)

Słowa kluczowe

EN

Evolutionary theory in economics; Behavioral economics; Economic theory

PL

Teoria ewolucyjna w ekonomii; Ekonomia behawioralna; Teoria ekonomii

• Czasopismo: Economics and Business Review
• Rocznik: 2021
• Tom: 7 (21)
• Numer: nr 3
• Strony: 16--34

Twórcy

autor

Jan Polowczyk

• Poznań University of Economics and Business

Bibliografia

• Akerlof, G.A., & Shiller, R.J. (2009). Animal spirits: How human psychology drives the economy, and why it matters for global capitalism. Princeton and Oxford: Princeton University Press.
• Almudi, I., & Fatas-Villafranca, F. (2021). Coevolution in economic systems, elements in evolutionary economics. Cambridge: Cambridge University Press.
• Ariely, D. (2008). Predictably irrational. The hidden forces that shape our decisions. London: HarperCollins Publishers.
• Ariely, D. (2009, July-August). The end of rational economics. Harvard Business Review, 78-84.
• Ashraf, N., Camerer, C.F., & Loewenstein, G. (2005). Adam Smith, behavioral economist. Journal of Economic Perspectives, 19(3), 131-145.
• Aumann, R.J. (2019, July). A synthesis of behavioural and mainstream economics. Nature Human Behaviour, 3, 666-670.
• Axelrod, R. (1997). The complexity of cooperation. Princeton: Princeton University Press.
• Backhouse, R.E., & Medema, S.G. (2009). On the definition of economics. Journal of Economic Perspectives, 23(1), 221-233.
• Baharuddin, G., & Ab Rahman, A. (2021). What is the most effective antecedent for developing entrepreneurial intention among Muslim youth in Indonesia?. Entrepreneurial Business and Economics Review, 9(1), 75-88. https://doi.org/10.15678/EBER.2021.090105
• Bauer, H., Veira, J., Weig, F. (2013, December). Moore's law: Repeal or renewal?. McKinsey Quarterly. Retrieved from https://www.mckinsey.com/client_service/semiconductors/people/~/media/mckinsey/dotcom/client_service/semiconductors/issue 3 autumn 2013/pdfs/1_mooreslaw.ashx
• Beinhocker, E.D. (2007). The origin of wealth. The radical remaking of economics and what it means for business and society. Boston: Harvard Business School Press.
• Boulding, K.E. (1991). What is evolutionary economics?. Journal of Evolutionary Economics, 1(1), 9-17.
• Camerer, C.F. (1985). Redirecting research in business policy and strategy. Strategic Management Journal, 6(1), 1-15.
• Camerer, C.F., Loewenstein, G., & Prelec, D. (2005, March). Neuroeconomics: How neuroscience can inform economics. Journal of Economic Literature, 43, 9-64.
• Csaba, L. (2017). Comparative economics and the mainstream. Economics and Business Review, 17(3), 32-51. https://doi.org/10.18559/ebr.2017.3.3
• Dawkins, R. (1982). The extended phenotype. Oxford: Oxford University Press.
• Dennett, D.C. (1995). Darwin's dangerous idea: Evolution and the meanings of life. London: Allen Lane.
• Dopfer, K. (2005). Evolutionary economics: A theoretical framework. In K. Dopfer (Ed.), The Evolutionary Foundations of Economics (pp. 3-55). Cambridge: Cambridge University Press.
• Evensky, J. (2005). Adam Smith's "Theory of moral sentiments": On morals and why they matter to a liberal society of free people and free markets. Journal of Economic Perspectives, 19(3), 109-130.
• Fehr, E., Fischbacher, U., & Kosfeld, M. (2005). Neuroeconomic foundations of trust and social preferences: Initial evidence. American Economic Review, 95(2), 346-351.
• Fehr, E., & Gachter, S. (2000). Cooperation and punishment in public goods experiments. American Economic Review, 90(4), 980-994.
• Forrester, J.W. (1968). Principles of systems. Cambridge, MA: MIT Press.
• Gino, F., & Staats, B. (2015, November). Why organizations don't learn. Harvard Business Review, 110-118.
• Gintis, H. (2007). A framework for the unification of the behavioral sciences. Behavioral and Brain Sciences, 30(1), 1-61.
• Haidt, J. (2012). The righteous mind. New York: Pantheon Books.
• Harari, Y.N. (2018). 21 lessons for the 21st century. New York: Spiegel & Grau.
• Heide, J.B., & Miner, A.S. (1992). The shadow of the future: Effects of anticipated interaction and frequency of contact on buyer-seller cooperation. Academy of Management Journal, 35(2), 265-291.
• Hodgson, G.M. (2019). Evolutionary economics: Its nature and future, elements in evolutionary economics. Cambridge: Cambridge University Press.
• Holland, J.H. (1975). Adaptation in natural and artificial systems. Cambridge, MA: MIT Press.
• Ioannou, C.A. (2014). Coevolution of finite automata with errors. Journal of Evolutionary Economics, 24(3), 541-571.
• Kahneman, D. (2002). Maps of bounded rationality: A perspective on intuitive judgment and choice. Prize Lecture, December 8, 2002. Retrieved February 10, 2021 from https://www.nobelprize.org/uploads/2018/06/kahnemann-lecture.pdf
• Kahneman, D. (2003). A psychological perspective on economics. The American Economic Review, 93(2), 162-168.
• Kahneman, D. (2011). Thinking, fast and slow. New York : Farrar, Straus and Giroux.
• Kahneman, D., Lovallo, D., & Sibony, O. (2011, June). Before you make that big decision... Harvard Business Review, 50-60.
• Kahneman, D., & Tversky, A. (1979). Prospect theory: An analysis of decision under risk. Econometrica, 47(2), 263-291.
• Kauffman, S. (1993). The origins of order. New York: Oxford University Press.
• Kauffman, S. (2000). Investigations. New York: Oxford University Press.
• Kennig, P. (2014). Consumer neuroscience. Stuttgart: Verlag W. Kohlhammer.
• Koczetkow, B. (2019). Sankcje za niedozwoloną współpracę konkurentów: Aspekty psychologiczne. Ruch Prawniczy Ekonomiczny i Socjologiczny, 81(1), 221-233.
• Kornai, J. (1971). Anti-Equilibrium. On economic systems. Theory and the tasks of research. Amsterdam: North Holland Publishing Co.
• Kowalski, T. (2002). The Simonian bounded rationality hypothesis and the expectation formation mechanism. The Poznań University of Economics Review, 2(1), 5-24.
• Kuhn, T.S. (1968). The structure of scientific revolutions. Chicago: The University of Chicago Press.
• Kuhnen, C.M., & Knutson, B. (2005, September). The neural basis of financial risk taking. Neuron, 47, 763-770.
• Kurzweil, R. (2006). The singularity is near: When humans transcend biology. New York: Penguin Books.
• Lehmann, L., Alger, I., & Weibull, J. (2015). Does evolution lead to maximizing behavior?. Evolution, 69(7), 1858-1873.
• Lipieta, A. (2018). The role of imitative mechanisms within the economic evolution. Economics and Business Review, 18(4), 64-82. https://doi.org/10.18559/ebr.2018.4.4
• Markey-Towler, B. (2018). A formal psychological theory for evolutionary economics. Journal of Evolutionary Economics, 28(4), 691-725.
• Marshall, A. (1890). Principles of economics. London: Macmillan & Co. Retrieved March 30, 2021 from https://eet.pixel-online.org/files/etranslation/original/Marshall, Principles of Economics.pdf
• Maslow, A. (1970). Motivation and personality. New York: Harper & Row Publishers.
• Montes, L. (2019). Adam Smith's foundational idea of sympathetic persuasion. Cambridge Journal of Economics, 43(1), 1-15.
• Nash, J.F. (1950). The bargaining problem. Econometrica, 18(2), 155-162.
• Nelson, R. (2016). Behavior and cognition of economic actors in evolutionary economics. Journal of Evolutionary Economics, 26(4), 737-751.
• Nelson, R. (2018). Economics from an evolutionary perspective. In R. Nelson (Ed.), Modern evolutionary economics. An overview (pp. 1-34). Cambridge: Cambridge University Press.
• Nelson, R.R., & Winter, S.G. (1982). An evolutionary theory of economic change. Cambridge, MA: Belknap Press.
• Pagano, U. (2020). Why only humans and social insects have a division of labour. Cambridge Journal of Economics, 44(1), 1-15.
• Penrose, E.T. (1952). Biological analogies in the theory of the firm. American Economic Review, 2(5), 804-819.
• Polowczyk, J. (1990). Microstructure and macrobehavior of centralized and decentralized systems. (Proceedings of the 1990 International System Dynamics Conference, Chestnut Hill, Massachusetts, pp. 863-872).
• Polowczyk, J. (2010). Elementy ekonomii behawioralnej w dziełach Adama Smitha. Ekonomista, 4, 493-522.
• Polowczyk, J. (2017). Behavioural factors in strategic performance management. In M. Jabłoński (Ed.), Strategic performance management. new concepts and contemporary trends (pp. 77-94). New York: Nova Science Publishers.
• Poundstone, W. (1992). Prisoner's dilemma. New York: Doubleday.
• Powell, T.C. (2011). Neurostrategy. Strategic Management Journal, 32(13), 1484-1499.
• Robbins, L.Ch. (1935). An essay on the nature and significance of economic science. London: Macmillan.
• Schnellenbach, J., & Schubert, C. (2019). A note on the behavioral political economy on innovation policy. Journal of Evolutionary Economics, 29(5), 1399-1414.
• Schubert, C. (2014). "Generalized Darwinism" and the quest for an evolutionary theory of policy-making. Journal of Evolutionary Economics, 24(3), 479-513.
• Schumpeter, J.A. (1911). Theory of economic development. Piscataway: Transaction Publishers.
• Schumpeter, J.A. (1942). Capitalism, socialism, and democracy. London: Routledge.
• Shermer, M. (2008). The mind of the market: Compassionate apes, competitive humans, and other tales from evolutionary economics. New York: Henry Holt & Co.
• Simon, H.A. (1976). Administrative behavior: A study of decision making processes in administrative organization. New York: The Free Press.
• Simon, H.A. (2005). Darwinism, altruism and economics. In K. Dopfer (Ed.), The evolutionary foundations of economics (pp. 89-104). Cambridge: Cambridge University Press.
• Smith, A. (1759). The theory of moral sentiments. London: Henry G. Bohn (1853).
• Smith, A. (1776). The wealth of nations. New York: Bantam Classic (2003).
• Smith, V.L. (1998). The two faces of Adam Smith. Southern Economic Journal, 65(1), 1-19.
• Taleb, N.N. (2007). The Black Swan: The impact of the highly improbable. New York: Random House.
• Thaler, R.H. (2015). Misbehaving. The making of behavioural economics. London: Penguin Books.
• Thaler, R.H. & Sunstein, C.R. (2008). Nudge. Improving decisions about health, wealth, and happiness. New Haven: Yale University Press.
• Tomer, J.F. (2007). What is behavioral economics?. Journal of Socio-Economics, 36(3), 463-479.
• Tversky, A. & Kahneman, D. (1974). Judgment under uncertainty: Heuristics and biases. Science, 185, 1124-1131.
• Veblen, T. (1898). Why is economics not an evolutionary science. Quarterly Journal of Economics. Retrieved July 15, 2020 from http://elegant-technology.com/resource/ECO_SCI.PDF
• Veblen, T. (1899). The theory of the leisure class. New York: Dover Publications (1994).
• Wach, K. (2020). A typology of small business growth modelling: A critical literature review. Entrepreneurial Business and Economics Review, 8(1), 159-184. https://doi.org/10.15678/EBER.2020.080109
• Wilson, E.O. (1998). Consilience: The unity of knowledge. New York: Alfred A. Knopf, Inc.
• Wójcik, P., & Ciszewska-Mlinarič, M. (2020). Explorative and exploitative choices in response to initiative failure: Study of entrepreneurs and managers. Entrepreneurial Business and Economics Review, 8(3), 83-99. https://doi.org/10.15678/EBER.2020.080305
• Zak, P.J. (2017). Trust factor. The science of creating high-performance companies. New York: Amacom.
• Zak, P.J., Borja, K., Matzner, W.T., & Kurzban, R. (2005). The neuroeconomics of distrust: Sex differences in behavior and physiology. American Economic Review, 95(2), 360-363.

Identyfikatory

DOI

10.18559/ebr.2021.3.3