An Evolutionary Economic Paradigm

Guest Introduction

Today, evolutionary biologist David Sloan Wilson joins the podcast to discuss his recent paper, co-authored with Dennis Snower: "Rethinking the Theoretical Foundation of Economics."

Neoclassical, or orthodox economic theory is based on physics equations that assume the economic system is always trending towards rest, or equilibrium. Their paper suggests replacing physics, the heart of the paradigm, with Darwin's evolutionary science, which sees the economy as a system always undergoing evolution, driven by the triad of variation, selection, and replication.

David is a distinguished professor of biological science at Binghamton University, co-founder of a number of organizations that work to put evolutionary theory into practice, and even a fiction author of Atlas Hugged, a rejoinder to the selfish individualism of Ayn Rand's Atlas Shrugged that emphasizes the role of cooperation in evolution.

Topics include:

What replacing the neoclassical "physics of social science" with evolutionary theory brings to the table
Why an unregulated economy will not spontaneously self-organize into a more cooperative, improved system
The 'multilevel paradigm' of economics
Core design principles to manage the cultural evolution of a multilevel economy
A synthesis of science and spirituality

Enjoy!

Time Map

12:40 – Physics of social science in neoclassical economics vs. evolutionary science improvements
17:10 – Two kinds of complex adaptive systems and their importance
26:50 – How evolutionary science contradicts laissez-faire invisible hand hypothesis
32:40 – Mathematical models' new direction in economics
38:20 – Defining functional organization and societal progress
53:10 – Elinor Ostrom's core design principles for commons management scaling globally
1:02:10 – Wellbeing from evolutionary perspective
1:07:00 – Managed cultural evolution as middle path between laissez-faire and central planning

Guest Introduction

Time Map

Links from the Conversation