“Uncertainty, Evolution, and Economic Theory” is the title of an article published in 1950 which was written by economist Armen Alchian. In this article, Alchian delineates an evolutionary approach to describe firms’ behavior. His theory embodies principles of biological evolution and natural selection. This article is among the first in the economics literature to analogize between success and survival in the market with the mechanism of variation and natural selection postulated in evolutionary biology. Alchian postulated that the survival of a few firms from a large number of firms that entered the market may be due to random entrepreneurial decisions rather than by brilliance or cunning. Success and survival rests upon the market’s response to the firms' products.