Subject: ECON200 CL 400

Name: Kemberly G. Abli

Teacher: Miss Donna Jane Canoy-Dumaneg

EVOLUTIONARY ECONOMICS
Economics is a science that studies human behavior, like the other social sciences ; anthropology, history, law ,
political science , psychology and sociology. But what distinguish economics to other social sciences is that it uses
more mathematics and statistics with theoretical models to describe human behavior and to test these models with
statistical analysis. It is much closer enough in natural science than in other social sciences in terms of using
methology.That is why the concepts in the natural science are much more connected into economics. In this past
Century, economics are more likely close to physics. However, economist have shown more interest in biological
concepts and methods partly fulfilling Alfred Marshalls well-known assertion that biology is the True Mecca of
economics. It is one excellent example of this trend to evolutionary economics.
When Charles Darwin develop his seminal book on the origin of specie which published in 1859, caught interest in
economics. This is somehow one of the reasons that change the ways of understanding human behavior in terms of
economics .It is where said that specie evolve over the time and adapt new changes and traits which eventually
become dominant and then those disadvantageous traits would be passed out. This is called Natural selection or
survival to the fittest. That talks about scarcity on which the specie had to adapt and make their living more
efficiently .If they cant adapt to the new situation they would eventually die and these specie could no longer be exist
anymore. It is where the term of scarcity was adapted and a lot ideas and theories succeed after Charles Darwin.
Thus, those scientist who contributed changes in economics and had found new method in understanding human
behavior and how its affect the views of economics over a long period of time are one of the major contributors in
changing the new theories and concepts of the new evolved economics.
One Term in Economics
Capitalism- an economic system use by private or corporate ownership of capital goods by investments that is
determined by a private decision and by prices, production and the distribution of goods and services in a total
competitive market.
As what I understand about capitalism is that it involves private or corporative owners that owns a capital goods
(raw materials) and decides what should be the price of that good that uses in productions of goods and services in a
free competitive market.
REFFERENCES:
Horioka, Charles Yuji .(December 2015).Evolutionary Economics and Household Behavior.The Philippine Review of
Economics. Vol. LI. No.2. P67.
Nebres, Abriel. Economics , Concepts, Theories and Application. National Bookstore.(2008).