Final answer:
The concept of 'Evolutionary economics' is part of social Darwinism thought, which applies Darwinian competition and natural selection to economics and societal development with an emphasis on 'survival of the fittest'.
Step-by-step explanation:
The concept of "Evolutionary economics", or application of Darwinian ideas of competition and selection, is part of social Darwinism thought. This approach applies the theory of biological evolution to economic and societal development, emphasizing the 'survival of the fittest' in the business and social context. It was Herbert Spencer, a British philosopher, who first adapted Darwinian evolution principles to the context of society, coining the term 'survival of the fittest'.
Social Darwinism became particularly influential during the 19th and early 20th centuries, when business leaders and others used the ideas of natural selection to justify practices in the capitalist market, such as the formation of trusts and the consolidation of power in the hands of a few. The ideology posited that through competition, the most economically able entities would prevail, leading to progress and the weeding out of weaker competitors. Moreover, these Darwinian concepts were also misapplied to justify social inequalities, colonialism, and other political agendas. However, it's important to note that many of the applications of social Darwinism were based on misinterpretations of Darwin's scientific work and later led to controversial outcomes such as scientific racism and eugenics.