+evolutionary economics
via wikipedia
The publication of An Evolutionary Theory of Economic Change by Richard R. Nelson and Sidney G. Winter in 1982 marked a turning point in the field of evolutionary economics. Inspired by Alchian's work about the decision-making process of firms under uncertainty and the behavioural theory of the firm by Richard Cyert and James March,[25|25][1|1] Nelson and Winter constructed a comprehensive evolutionary theory of business behavior using the concept of natural selection. In this framework, firms operate on the basis of organizational routines, which they evaluate and may change while functioning in a certain selection environment.[26|26] Since then, evolutionary economics, as noted by Nicolai Foss, has been concerned with "the transformation of already existing structures and the emergence and possible spread of novelties."[27|27] Economies have been viewed as a complex system, a result of causal interactions (non-linear and chaotic) between different agents and entities with varied characteristics.[28|28] Instead of perfect information and rationality, Herbert Simon's concept of bounded rationality[29|29] has become prevailing.
By the 1990s, as put by Geoffrey Hodgson,[1|1]/
"it was possible to write of an international network or 'invisible college' of 'evolutionary economists' who, despite their analytical differences, were focusing on the problem of analyzing structural, technological, cultural and institutional change in economic systems... They were also united by their common dislike of the static and equilibrium approaches that dominated mainstream economics."