Darwin Economy

Who was the greater economist--Adam Smith or Charles Darwin? The question seems absurd. Darwin, was a naturalist, not an economist. But Frank predicts that within the next century Darwin will unseat Smith as the intellectual founder of economics. The reason is that Darwin's understanding of competition describes economic reality far more accurately than Smith's. Indeed, the failure to recognize that we live in Darwin's world rather than Smith's is putting us all at risk by preventing us from seeing that competition alone will not solve our problems. Far from creating a perfect world, economic competition often leads to "arms races," encouraging behaviors that not only cause enormous harm to the group but also provide no lasting advantages for individuals.