The paper deals with the evolutionary concepts that have enabled us to see economics as a growing and living organism having the characteristics of robustness, self-organization, adaptation, and evolution. This has been recognized globally that information and knowledge acquisition is increasingly playing a major role in imparting a sense of direction and purpose to any economy. The discussions are presented by demonstrating some qualitative properties and theoretical explorations on long range historical economic growth and development, followed by some highlights on innovation, creativity and elaborations regarding fitness landscapes incorporating memetics, as works related to social and cultural aspects of social system, while talking about economic system in general. The discussions depict some important notions on market and product diversifications that have fuelled the economic growth in general.

Recent economic discussions are like a rainbow of thoughts which are related to aspects that conventionally and traditionally are not related directly to economics itself. For instance, the issues on happiness (Johns and Ormerod, 2007), creativity and technology (Towse, 2001), and a lot more aspects reveal that seemingly complex problems in economics might be solved by adopting an interdisciplinary approach. Some interdisciplinary works are shown by the emerging of econophysics (Roehner, 2002), evolutionary thoughts on economics (Foster and Hözl, 2004), and even by finance (Dowling, 2005). These are the trends in economics, seeing economy as a growing and living organism with characteristics of robustness, self-organization, adaptation, and evolution.

While innovation, creativity, and acquisition of knowledge and information are at the heart of economic growth and improvement, advancements in the field of information technology have exposed us to many more ideas on the evolution, growth, and cycles in the economy. This paper seeks to dwell on these aspects. It is more like broadening the discussions on the economy with all of its social ramifications (be it cultural, political, legal, and other related aspects) and our recent understanding on inductive inference of the emergence of creativity (be it in the microscopic or macroscopic level of society), along with the notions of evolutionary search and adaptability of social living.

Knowledge Management Journal, Evolutionary Economics, cultural aspects, Economic Growth, information technology, globalization, telecommunication devices, global economy, economic products, Evolutionary Process, macroeconomic policies, transportation technology, Technological Innovation.