[FRIAM] Wilson and Snower on Economics

[Russ Abbott]

Rethinking the theoretical foundation of economics I: The multilevel
paradigm

This article offers a new paradigm for economics: the “multilevel
paradigm,” which applies the Darwinian theory of evolution to the analysis
of economic processes. “Darwinian” refers to all
variation/selection/replication processes, not just genetic evolution,
making it highly relevant to economic theory and practice. The economy is
viewed as a system that is embedded within political, social and
environmental systems. The evolution of economic activities is understood
in terms of variation (innovation), selection (cooperative and competitive
relations that survive) and replication (transmission and proliferation of
ideas). The multilevel paradigm comes with its own definition and purpose
of economics, as the discipline that explores how resources, goods and
services can be mobilized in the pursuit of wellbeing in
thriving societies, now and in the future. We describe the prominent
characteristics of the multilevel paradigm: flexible, multiple levels of
functional organization; the primacy of social relations, ignorance as
uncertainty; multi-faceted, context-dependent wellbeing; and multilevel
evolution as progress.


https://drive.google.com/file/d/17mSkmB0nP1UNyrKE0LIN8-AfgD3DQGF4/view

-- Russ Abbott
Professor Emeritus, Computer Science
California State University, Los Angeles
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