There is widespread agreement that economic theory and policy must become based on a more accurate conception of human nature. Although economic and evolutionary thinking have been entwined throughout their histories, current economic theory is dominated by a mathematical tradition initially inspired by 19th century physics, whose assumptions are so constraining that Homo economicus bears almost no relation to Homo sapiens.  Policies that are derived from such a false view of human nature are highly likely to fail.

We intend to provide the most accurate conception of human nature possible based on current scientific knowledge, oriented toward the formulation of economic theory and public policy.

Experimental and behavioral economists are working toward a more realistic conception of human nature by consulting psychology and conducting experiments, especially using an inventory of experimental games that serve as microcosms of human social interactions. Yet, with a few notable exceptions, most experimental and behavioral economists do not seriously consult evolutionary science. As a result, their conception of human nature takes the form of a large number of “paradoxes” and “anomalies” that are only paradoxical and anomalous against the background of neoclassical economic theory.  A unified view of human nature that integrates proximate and ultimate evolutionary perspectives is still lacking.

In a collaboration with the National Evolutionary Synthesis Center (NESCent) one of the National Science Foundation’s largest evolution-related centers, the EI is rethinking economics from an evolutionary perspective—Evonomics, to use Michael Shermer’s felicitous phrase. Unlike the hermetically sealed world of neoclassical economics, our participants come from a melting pot of disciplines, including anthropology, business, economics, evolutionary science, history, neuroscience, political science, psychology, and sociology, all of whom speak the common language of evolutionary theory in addition to their disciplinary training. Our efforts have resulted in the following achievements:

• A NESCent “Catalysis meeting” titled “The Nature of Regulation: How Evolutionary Theory Can Inform the Regulation of Large-scale Human Social Interactions” which brought over 30 participants to NESCent headquarters in Durham, NC, during November 13-15 2009.

• An anthology with original essays introducing each section titled Evonomics: Evolutionary Science as a New Foundation for Economic Theory and Policy, which will be published in 2012 by the University of Chicago Press.

• A white paper titled ”The Relevance of Evolutionary Science for Economic Theory and Policy”, written for the National Science Foundation in response to their “Dear Colleague” letter for future research in the social, behavioral, and economic (SBE) sciences. This initiative on the part of NSF signals their awareness that current economic theory is not working, requiring an influx of fresh ideas. Our white paper agrees with their assessment but also points out the profound lack of integration among the many disciplines comprising the SBE sciences. Future research must avoid both problems, which requires speaking a common language. Our white paper includes over 60 signatories, representing an interdisciplinary community organized by the EI that is already speaking with a single voice.

• A two-year project using NESCent’s “working group” rubric to further integrate the many sub-disciplines of economics into a unified evolutionary perspective. In addition to clarifying why evolutionary science provides an exceptionally useful framework for formulating public policy on virtually all subjects, we will respectfully compare the evolutionary framework with other frameworks for a number of case studies that are currently being selected.

• The “Nature of Regulation” catalysis meeting also led to a second working group project titled “Evolutionary Mismatch and What To Do About It”, which has become a separate EI focal topic.

For all of our projects, we intend to create a large community of interest in addition to the participants who attend the workshop. Contact the directors if you wish to become a member of this community and receive periodic updates.