Work

From Equilibrium to Evolution: Redesigning Business Economics Education Through Systems Thinking and Dynamic Capabilities

Year: 2025

Type: article

Abstract: Business Economics lacks coherent theoretical foundations despite its prominence in business education. This paper critiques conventional equilibrium-based curricula that begin with ceteris paribus assumptions, proposing instead a systems-based evolutionary framework integrating macro–meso–micro perspectives. Through conceptual analysis, we demonstrate how traditional approaches fail to capture dynamic business realities. Our evolutionary framework incorporates seven pillars: variation–selection–retention dynamics, multi-level integration, dynamic capabilities, institutional networks, complexity theory, organizational form evolution, and behavioral insights. The paper provides curriculum guidelines (12-week structure) that maintain economic literacy while teaching students to reason through feedback loops, uncertainty, and systemic change. This repositioning represents the need for a paradigm shift from static optimization toward understanding businesses as adaptive systems, better preparing students for navigating continuous change in complex environments.

Source: Systems

DOI: 10.3390/systems13121094

Author: Dimos Chatzinikolaou

Institutions: University of Nicosia, University of Macedonia

Language: English

Topic: Complex Systems and Decision Making

Subfield: Management Science and Operations Research

Field: Decision Sciences

Domain: Social Sciences

SDG: Quality education

Open Access status: gold

Estimated APC paid: $2,896