neoclassical economics

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See classical economics for an explanation of neoclassical economics.

Classical or neoclassical economics both take a systemic view of economics where the system tends towards equilibrium. Changes to the system come from outside the system. The system readjusts to a new equilibrium resulting from the change. The dynamic of economic growth is considered a move toward equilibrium.

Evolutionary and complexity economics makes the radical departure from classical and neoclassical economics in that the dynamic of growth is a continuous disequilibrating process where innovations continually disturb equilibrium states. This requires organizations to adapt or evolve in order to survive.