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Evolution directly means transformation. As one may see, the nature of evolving is always a positive progression. The field of economics strives to achieve continuous progression or positive transformation for a firm, market or the individual end user. Evolutionary economics is a part of the Heterodoxic school of thought. This discipline is created based on the biological theory of evolution. The continuous change happening in either direction for a business or a market can be seen as the evolution of the same.
The renewed thought in economics considers maximization in demand is caused due to the economic evolution of the society. This new assessment method reasons that the agents affecting the social change directly affect the economy of the society. Moreover, evolution in technology results in higher production of utilities and increased availability. The scarcity ratio is reduced to a minimum by applying effective evolutionary economic models in production, reach and distribution of products and services.
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