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The death of homo economicus (2005)

Gowdy, John M. ; Polimeni, Raluca Iorgulescu

Bingley : Emerald

International journal of social economics 32 (2005), S. 924-938

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ISSN: 0306-8293

Source: Emerald Fulltext Archive Database 1994-2005

Topics: Economics

Notes: Purpose - This paper draws upon the work of Georgescu-Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics. Design/methodology/approach - Current work in behavioral economics and game theory shows that economic behavior depends on social context, a point understood by social economists for a hundred years or more. This work is related to Georgescu's contributions to utility theory and bioeconomics. Findings - Neoclassical welfare economics continues to dominate economic theory and policy even though its theoretical foundations, economic man and perfect competition, have been discredited by mainstream theorists. Economic processes take place in specific social contexts and also coevolve with the biophysical universe. Practical implications - Although modern economics is incorporating many of Georgescu's insights about human preferences it has yet to come to grips with the fact that human economic activity is shaped by its biophysical context. It is believed this should be a major focus of future economic research. Originality/value - Provides further insights into welfare theory and bioeconomics.

Type of Medium: Electronic Resource

URL: http://dx.doi.org/10.1108/03068290510623771

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Evolutionary Theories in Environmental and Resource Economics: Approaches and Applications (2000)

van den Bergh, Jeroen C.J.M. ; Gowdy, John M.

Springer

Environmental and resource economics 17 (2000), S. 37-57

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ISSN: 1573-1502

Keywords: bounded rationality ; coevolution ; disequilibrium ; ecosystems ; irreversibility ; macroevolution ; punctuated equilibrium ; sorting ; sustainable development ; technical change

Source: Springer Online Journal Archives 1860-2000

Topics: Energy, Environment Protection, Nuclear Power Engineering , Economics

Notes: Abstract Recent advances in evolutionary theory have important implications for environmental economics. A short overview is offered of evolutionarythinking in economics. Subsequently, major concepts and approaches inevolutionary biology and evolutionary economics are presented andcompared. Attention is devoted, among others, to Darwinian selection,punctuated equilibrium, sorting mechanisms, Lamarckian evolution,coevolution and self-organization. Basic features of evolution, such assustained change, irreversible change, unpredictability, qualitativechange and disequilibrium, are examined. It is argued that there are anumber of fundamental differences as well as similarities betweenbiological and economic evolution. Next, some general implications ofevolutionary thinking for environmental economics are outlined. This isfollowed by a more detailed examination of potential uses ofevolutionary theories in specific areas of environmental economics,including sustainability and long run development theories, technologyand environment, ecosystem management and resilience, spatial evolutionand environmental processes, and design of environmental policy.