Evolutionary Economics Challenges Neoclassical Policies, Calls for Systemic Rethink
The article questions traditional economic policies from an evolutionary perspective. It compares neoclassical ideas of market and government failure with evolutionary views. The paper criticizes how neoclassical thinking still influences evolutionary economics. It argues that the concept of "system failure" used by some evolutionary economists to justify policy interventions is flawed. To create a more consistent evolutionary policy framework, the paper suggests removing the idea of equilibrium. Ultimately, the article proposes an alternative evolutionary explanation for economic policy that addresses these issues.