Bionomics

Discipline: Economics

Modern scientific process includes various kinds of researches (in ecology, medicine, biotechnology, biology, economics), which are referred to as bionomics.

As an economic theory, bionomics is the application of models and modeling methods from biology to the field of economics.

One of the most active developers of this discipline, Michael Rothschild, gives his own understanding of bionomics comparing it with economics. Rothschild says, "Where mainstream economics is based on concepts borrowed from classical Newtonian physics, bionomics is derived from the teachings of modern evolutionary biology. Where orthodox thinking describes the economy as a static, predictable engine, bionomics sees the economy as a self-organizing, 'chaotic' information ecosystem. Where the traditional view sees organizations as production machines, bionomics sees organizations as intelligent social organisms. Where conventional business strategy focuses on physical capital, bionomics holds that organizational learning is the ultimate source of all profit and growth".

Another school of the same discipline, represented by Igor Flor, the founder of the International Bionomics Institute, calls it bionomics and gives the following definition, "Bionomics may be characterized as a branch of biology which studies new forms of life. We call them economic forms of life or economic organisms. At the same time, bionomics is a specific economic theory which studies economic nature on the base of likeness between economic and biological worlds".

Some researchers study the same discipline but call it another name – bioeconomics.

Source:
International Bionomics Institute

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