Monday, February 1, 2016


"There isn't a single story. The way we understand economics and economies is by learning from lots of sources and thinking about them in lots of different ways."

The development of firms and economies is fundamentally an evolutionary process that has the characteristics that evolutionary natural selection has of adaption, replication and selection. All of these are characteristics of the way economies and businesses evolve. That doesn't mean you do what some people have done and try quite literally to translate mathematical models developed to describe biological evolutionary processes into economic terms, but it does mean that kind of thinking and kind of mathematics is as relevant to economics as it is to biology.

Hat Tip ~ John Kay, Economist