Conclusions

Abstract

We began this book by highlighting that, since the 1970s, several important developments have profoundly changed the field of evolutionary biology. Of particular interest here are the concepts of punctuated equilibrium, speciation, and exaptation and their centrality for understanding the emergence of novelty. Despite their influence in evolutionary biology, these advancements have received only limited attention in evolutionary approaches to economics, innovation, and strategy. By reviewing and contextualizing these advancements within the current evolutionary debate in economics, innovation, and strategy, our goal was to show how they can shed new light on some of the key assumptions of evolutionary theory, such as the idea that economic systems are in a continual state of disequilibrium. In much of the existing literature, for instance, innovation is treated as an activity that aims to respond to a direct type of question: given a problem, what is the solution? This implies that a new technology is usually ‘a working architecture of parts and modules that performs a specific function that permits the satisfaction of a predefined need’ (...