We consider the microfoundations controversy from the perspective of economic evolution. Although the analogy between biology and economics has been noted before, it has rarely focused on clarifying the micro–macro distinction in economic theory and modelling. The micro–macro debate is more developed in biology than in economics owing to a greater degree of specialisation and a greater degree o...

The positive correlation between health and economic prosperity has been widely documented. The extent to which this reflects a causal effect of health on economic outcomes is very controversial. Two classes of evidence are examined. Carefully designed random assignment laboratory and field studies provide compelling evidence that nutrient deficiency -particularly iron -reduces work capacity an...

2 0 0 7 • Vo l I I I s sue IV echnological innovation often stimulates economic growth by creating new products, improving efficiency, and opening doors to new markets. Yet many rural communities believe these advantages are off limits to them—because their towns are either too small or too remote for their entrepreneurs to create technological innovations. In reality, though, the advantages of...

Development economists have considered physical infrastructure to be a precondition for industrialization and economic development. Yet, two issues remain to be addressed in the literature. First, while proper identification of the causal effectiveness of infrastructure in reducing poverty is important, experimental evaluation, such as randomized control trials (RCT)-based evaluation, is diffic...

In the political economy of development, government policy choices at a single point in time can dramatically affect a country’s development path by impacting fertility, economic and political decisions across generations. Combining both system dynamics and agent-based modeling approaches in a complex adaptive system, I formalize a simulation framework of the Politics of Fertility and Economic ...

In this paper wc define economic competence as the ability to identify, expand, and exploit the opportunity sel. Economic competence constitutes the means through which technological possibilities are converted into economic activity. lt consists of four types of capabilities: (1) Se!ective or strategic; (2) organizational or coordinating; (3) technical; and (4) learning ability. The purpose of...

Bacteria and allied micro-organisms are of direct economic concern to man in many ways besides causing diseases and bringing about the decomposi tion of marine a,nimals and commercial algae . There are many p roblems in the general economy of the ocean , the solu tio n of which requi res the a id of the microbio log ist. The m ic ro-organisms belong to a wide range of groups and include bacteri...

This paper aims at locating the practice of micro-credit system into a larger theoretical canvas of economic theory and philosophy. A systems theoretic approach has been adopted. Emergence of the „excluded‟ class has been explained with the help of the theory of feedback. Individuals have been assumed to be myopic, local optimizer and bounded rational. In this context, the empirical experiences...