Evolutionary Biology in Economics: A Review

Abstract

As human traits and preferences were shaped by natural selection, there is substantial potential for the use of evolutionary biology in economic analysis. In this paper, we review the extent to which evolutionary theory has been incorporated into economic research. We examine work in four areas: the evolution of preferences, the molecular genetic basis of economic traits, the interaction of evolutionary and economic dynamics, and the genetic foundations of economic development. These fields comprise a thriving body of research, but have significant scope for further investigation. In particular, the growing accessibility of low-cost molecular data will create more opportunities for research on the relationship between molecular genetic information and economic traits.

Applying evolutionary methods in economics: progress or pitfall?

“…Over the past decades there is a growing interest in building bridges between evolutionary biology and economics. Widely cited studies published in leading economic journals apply evolutionary arguments and theories to explain and discover features of human psychology and cognition that have a role in economic behavior (for recent reviews, see Collins et al 2016;Burnham et al 2016).…”