Remarks on Economics as Evolutionary Science Ted Bergstrom, UCSB

Prelude: Economics as Evolutionary Science Economists have been unwitting creationists Theory takes axiomatic approach to description of human nature Axioms are typically quite arbitrarily selected Platonic rationality Behavioral this or that

Will Darwinian thinking change economics? I am betting that it will– and that this will engage economics much more deeply in the other biological and social sciences.

Central Features of Evolutionary Economics Evolution of Fundamental Preferences Selfishness vs altruism Concern for relatives Time Preference Attitudes toward risk Evolution of rationality itself Evolution of institutions and beliefs—cultural evolution Group selection versus individual selection

Evolutionary Economics of the Family There is selection for behavior that maximizes reproductive success. Broadly true whether transmission is genetic or cultural Marital institutions Inheritance and support of the elderly Fraternal cooperation, sibling rivalry, parent-offspring conflict