Economics evolves to better understand real-world socio-economic phenomena.
The article argues that economics should be seen as an evolutionary science, focusing on how economic systems change over time rather than staying static. It discusses the history of this idea, starting with Thorstein Veblen's critique of traditional economic theories in 1898. The paper also explores how evolutionary concepts have been used in economics throughout the 20th century, from institutionalists to modern complexity theories. The authors suggest that incorporating complexity approaches into an evolutionary framework offers a better way to understand real-world economic phenomena compared to traditional neoclassical economics.