2009 Quote by Steve Keen
““As Thorstein Veblen correctly surmised over a century ago, the failure of economics to become an evolutionary science is the product of the optimizing framework of the underlying paradigm, which is inherently antithetical to the process of evolutionary change. This is the primary reason why the neoclassical mantra that the economy must be perceived as the outcome of the decisions of utility-maximizing individuals must be squarely rejected.””
About This Quote
Source Book: Economics in One Lesson, 2020
The quote argues that economics cannot be truly evolutionary because it relies on an optimizing, utility‑maximizing framework that contradicts evolutionary processes.
In simple terms: Economics' focus on optimization blocks evolutionary thinking.
Key Takeaway
Rethink economic models to include adaptation and change.
Themes
economics
evolution
optimization
paradigm
theory
Mood
critical
analytical
thought‑provoking
Type
theoretical
critical
philosophical
When to use this quote
- academic research
- policy design
- business strategy
- education curriculum
- public debate
Key Concepts
Evolutionary economics
methodology
systemic thinking
Questions to Reflect On
- How can economic models incorporate both optimization and evolutionary dynamics?
- What empirical evidence supports an evolutionary approach?
A Different Perspective
The critique may overlook cases where optimization and evolution coexist, such as market selection.
![“Natural selection eliminates and maybe maintains, but it doesn't create... Neo-Darwinists say that new species emerge when mutations occur and modify an organism. I was taught over and over again that the accumulation of random mutations led to evolutionary change [which] led to new species. I…” quote by Lynn Margulis](https://sms4smile.com/quotes/img-quotes/5b9/lynn-margulis-17073_biology_natural-selection-eliminates-and-maybe-m_397958.jpg)
