<Para ID="Par1">Advances in the study of social behavior require a revision in the economic concept of the invisible hand, which states that self-interested behavior leads to well-functioning societies without individuals having the welfare of the society in mind. Evolutionary theory shows that self-interest...</para>

Purpose – This paper draws upon the work of Georgescu-Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics. Design/methodology/approach – Current work in behavioral...

Purpose – This paper draws upon the work of Georgescu‐Roegen to outline some theoretical alternatives to standard welfare theory, and to examine the policy implications of discarding the Walrasian core of neoclassical economics. Design/methodology/approach – Current work in behavioral...

Among biologists it is generally recognized that market activity is having a devastating effect on the biological world. The current worldwide loss of biodiversity may be of the same order of magnitude as the five mass extinctions which have decimated life on earth during the past 500 million...