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Showing posts with the label evolutionary economics

Evolutionary Economics-Is your organization innovating?

Is your organization changing to the times? It is important for organizations to consider the market conditions when loosing revenue or attempting to create sustainable growth. Market factors can cause some organizations to be successful while others are forced out of business. This is a process that fits within the evolutionary economic model that sees innovation, change, and development as a result of adjusting developmental patterns. Evolutionary economics counters neoclassical models by focusing on the fluid development of economic systems throughout history. Where evolutionary economics sees adjustment in a more unpredictable adaptive context, the neoclassical model sees the economy at rest with well anticipated changes. The evolutionary model is fluid by nature and tries to explain how innovation and adaptation emerges from chaotic economic trials. In evolutionary economics the rationality of the system is bounded (Simon, 1955). This means that people make decisions as instit