Research Groups

6  Evolutionary Economics

G. Hanappi (Institute for Economics, Technical University, Vienna) (CV and publication list)

The newly emerging school of economics called "evolutionary economics" challenges most mainstream approaches in the field by insisting that most, if not all economic phenomena have to be viewed as non-linear, disequilibrium dynamics. Moreover the evolutionary approach suggests that a useful description of economic systems has to incorporate the emergence of new elements of the economic process - of technical and social innovations as well as of new knowledge. To do so, it sometimes stresses similarities to biology, using the metaphor of "mutation and test" as a guiding principle for modeling. Evidently these high aspirations call for the most advanced formal methods. As a newly emerging field of research it falls itself under the category of a wide innovative variety of models that are going to be tested for their usefulness in the near future. Our research group at ZiF aims at exploring three particularly important and flourishing directions within evolutionary economics:

Of course, these topics are closely linked to each other. And there is justified hope that exchanging ideas with experts in different scientific areas using similar formal tools will lead to mutual intellectual benefits.

 

Members of the Group

 

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