Economic theory revolutionized: Embracing non-equilibrium for effective policy-making!
The article explores a new way of looking at economics called evolutionary economic theory. Instead of seeing the economy as always in balance, this theory sees it as constantly changing and evolving. The researchers discuss how evolution works in the economy, including factors like variability, heredity, and competition. They suggest that this theory could help us understand how individuals and institutions make decisions to meet their needs and create effective economic policies.