Why Economics is not an Evolutionary Science

Abstract

A reprint of the article "Why is economics not an evolutionary science?," by T. Veblen, published in the "Quarterly Journal of Economics" is presented. The article questions the premise that physics of equilibrium thermodynamics is relevant to analyzing economic systems. The author suggested that the only rational approach is to assume that economies evolve. He also argues that the economy can be described but have no effective theory of change and development.