New Developments in Evolutionary Innovation: Novelty Creation in a Serendipitous Economy

The growth of evolutionary thinking has had a significant impact on economic theory and related fields, with neo-Darwinian evolution being an important paradigm. However, advancements in evolutionary biology have been reflected only partially in evolutionary approaches to economics, strategy, and innovation. This book aims to review these advancements and explore their implications, particularly on the role of serendipity and unprestateability in innovation and novelty creation.

Format: Hardback
Length: 256 pages
Publication date: 13 May 2021
Publisher: Oxford University Press

The evolution of evolutionary thinking has had a profound impact on economic theory and related fields such as strategy and technological innovation. An important paradigm that underlies the evolutionary theory of innovation is neo-Darwinian evolution. According to this paradigm, evolution is gradualist and based on the mechanisms of variation, selection, and retention. Since the 1970s, theoretical advancements in evolutionary biology have recognized the central role of punctuated equilibrium, speciation, and exaptation. However, despite their significant influence in evolutionary biology, these advancements have been reflected only partially in evolutionary approaches to economics, strategy, and innovation.

The aim of this book is to review these advancements and explore their implications, with a particular emphasis on the role of serendipity and unprestateability in innovation and novelty creation.

Neo-Darwinian evolution is a paradigm that underlies the evolutionary theory of innovation. It states that evolution is gradualist and based on the mechanisms of variation, selection, and retention. Since the 1970s, theoretical advancements in evolutionary biology have recognized the central role of punctuated equilibrium, speciation, and exaptation. These advancements have been reflected only partially in evolutionary approaches to economics, strategy, and innovation.

The aim of this book is to review these advancements and explore their implications, with a particular emphasis on the role of serendipity and unprestateability in innovation and novelty creation.

Punctuated equilibrium is a concept in evolutionary biology that suggests that species undergo rapid changes in their genetic makeup over short periods of time. This is due to the introduction of new genetic variations or the modification of existing ones. Punctuated equilibrium has been observed in many biological systems, including the evolution of new species and the adaptation of organisms to changing environments.

Speciation is the process by which new species emerge from existing ones. It occurs when genetic differences between populations become significant enough that they can no longer interbreed. Speciation can be driven by a variety of factors, including environmental changes, geographic isolation, and reproductive isolation.

Exaptation is the process by which an organism uses a previously acquired trait for a new purpose. This can occur when an organism adapts to a new environment or when it evolves a new trait that is better suited to its current environment. Exaptation has been observed in many biological systems, including the evolution of wings in birds and the development of tools in humans.

The role of serendipity and unprestateability in innovation and novelty creation is an important topic that has been explored by researchers in many fields. Serendipity is the occurrence of unexpected events or discoveries that lead to new insights or innovations. Unprestateability is the inability to predict or anticipate a discovery or innovation.

Serendipity has been a significant factor in many scientific discoveries and technological innovations. For example, the discovery of penicillin by Alexander Fleming was a result of serendipity. Fleming was conducting experiments with bacteria when he noticed that a mold had grown on one of his Petri dishes. He discovered that the mold produced a substance that could kill bacteria, and he named it penicillin.

Unprestateability has also played a role in innovation and novelty creation. For example, the invention of the telephone was a result of unprestateability. Alexander Graham Bell was working on a project to improve the telegraph when he accidentally discovered that sound could be transmitted over a wire. This discovery led to the development of the telephone, which has had a profound impact on communication and society.

In conclusion, the growth of evolutionary thinking has had a profound impact on economic theory and related fields such as strategy and technological innovation. Neo-Darwinian evolution is an important paradigm that underlies the evolutionary theory of innovation. The advancements in evolutionary biology have recognized the central role of punctuated equilibrium, speciation, and exaptation. However, these advancements have been reflected only partially in evolutionary approaches to economics, strategy, and innovation. The aim of this book is to review these advancements and explore their implications, with a particular emphasis on the role of serendipity and unprestateability in innovation and novelty creation.

Weight: 550g
Dimension: 163 x 240 x 25 (mm)
ISBN-13: 9780198837091