Evolutionary Theorizing in Economics.

The article focuses on economic analysis oriented towards understanding the workings of economies. Attempts have been made to promote an evolutionary approach towards economics. Basic questions related to the coordination of economic activity depend upon a central authority guiding and commanding action. The questions concerned with the processes driving economic progress, pulls the theorizing of economics, towards an evolutionary orientation. The question of economic development has waxed and waned in centrality to the discipline, as has the importance of evolutionary theorizing. It became the standard view that microeconomic theory was about equilibrium conditions. Many neoclassical economists seem to hold the view that an evolutionary theory of firm and industry behavior and a neoclassical one really amount to the same thing. The problem of variety is that for the selection process to arrive at a neoclassical destination, the existing firms must represent a wide enough variety of strategies and actions that the profit-maximizing neoclassical behavior is represented.