Rothschild
In an essay, I've been perusing, the author discusses the nature of innovation in the modern economy. In particular, he calls attention to the work of Michael Rothschild, who wrote Bionomics. To quote the essay:
In his [Rothschild's] view, modern economics sees the economy as a machine that can be explained by Isaac Newton's mechanics, when in reality economies are much more like ecosystems and better explained by Charles Darwin's concepts of evolution. Economies are in a constant state of change and are continually adapting to internal and external factors.
As the author goes on to note, though, there is one critical difference. Whereas the giraffe evolves to a longer neck by virtue of random genetic mutation and the process of natural selection, economic change can be passed directly from generation to generation and even within generations. The author continues to say:
In this regard, economies better fit ______-_______ ______'s (mistaken) view of biological evolution.
The MIC contest question is: whose name belongs in the blanks? In whose mistaken view of biological evolution do ecosystems and economies most mirror each other? While there is one major character I'm looking for, obviously there is room for debate here. So, bust out your biology books, or be quick-fingered on Google, and let me know what imperfect scientist produced the model in question. Then, if you care to, explain it some. There you go.
1 comment:
Jean-Baptiste Say.
Oops. J-B Lamarck, actually.
Signed,
The Spectator
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