Mr. Hamilton, Mr. Forrester, and a Foundation for Evolutionary Economics

during the intellectual revolution of Isaac Newton, is based on the notion of Newtonian change while institutional economics, which first came of age during the intellectual revolution of Charles Darwin, is based on the notion evolutionary change. Indeed, Hamilton makes the case that this difference in the way that economic change is conceptualized defines the fundamental difference between institutional and classical economics. Newtonian change is seen by Hamilton as taking place within a given social and economic structure while Darwinian or evolutionary change is viewed by Hamilton as occurring when there is an alteration of a society's social and economic structure itself. The purposes of this paper are to: honor Hamilton's extraordinary contribution to the history of economic thought during the fiftieth anniversary year of its publication. extend Hamilton's basic idea to seven additional schools of economic thought that are based, to some degree, on an evolutionary view of change. • argue that system dynamics computer simulation modeling, a methodology created by Jay W. Forrester, 2 can be profitably used to add value to the eight schools of economic thought that adhere to an evolutionary view of economic change.