Is capitalism doomed? Veblen's legacy challenges economic evolution.
The article explores whether economics can be considered an evolutionary science, focusing on the ideas of Thorstein Veblen. Various scholars discuss Veblen's impact on economic thought, the role of institutions in economic evolution, and the challenges faced by capitalism. They also examine the potential for institutional economics to inform development studies and the unpredictability of future economic outcomes. Ultimately, the research suggests that economics can be viewed through an evolutionary lens, considering how institutions and individual decisions shape economic systems over time.