In this paper, it is argued that the view of the economic sphere as a closed system cannot appropriately deal with the issue of sustainable development. Evolutionary economics is then presented as a fruitful alternative to apprehend the interactions between the economic, the human and the natural spheres. This emerging field offers both a firm theoretical basis (based upon recent developments in physics, biology, dynamic systems theory and the sciences of complexity) and practical, pragmatic answers to the implementation of a sustainable path of development. This is further illustrated with the presentation of the evolutionary logic of a multi‐level common regime. Such a regime could be an institutional counterpart of social and environmental dynamics.