In the conventional view, the U.S. economy is a static entity, changing principally only in size (growing in normal times and contracting during recessions). But in reality, our economy is a constantly evolving, complex ecosystem. The U.S. economy of 2014 is different, not just larger, than the economy of 2013. Understanding that we are dealing with an evolutionary rather than a static economy has significant implications for the conceptualization of both economics and economic policy.
ITIF President Robert Atkinson will present the findings from a new report that contrasts an evolutionary economic view with conventional economics, analyzes the three main sources of U.S. economic evolutionary change, and presents eight key principles for an evolutionary economics-inspired economic policy.