Schumpeter, Marshall, and Neo-Schumpeterian Evolutionary Economics
AbstractThe focus of evolutionary economics is a process of continuous and irreversible economic and organizational change over time. Currently there is no agreement on the explanation of economic evolution. From the perspective of the history of economic thought, at first the theoretical approaches of Schumpeter and Marshall with regard to economic development or evolution are dealt with in detail. For both authors technical and economic innovations are the engine of economic change. According to Schumpeter, they are created through newly established firms as the agents of change. For Marshall, innovations and economic development are a side effect of the manufacturing process and the division of labour. Technical and economic changes go off both gradually (Marshall) or discontinuously (Schumpeter). After that, a concept of neo-Schumpeterian evolutionary economics is elaborated. Evolution is understood as a process of change that leads to the adaptation of complex systems, the result of the causal interaction between variation, selection and retention of variety leading to continuity over time. It has gained wide application to the theory of innovation and later to resource-based theories of the firm. Modern evolutionary economics includes the determinants of new knowledge and innovations into its analysis. Business enterprises not only follow their routine behaviour, in a dynamic view they also show capabilities to restructure their given resources and to build new ones. To sum up, technical and economic evolution are both the result of the unintentionalmarket selection through competitive forces of the environment, and of the intentional, voluntary entrepreneurial choices, based on the firm’s resources and dynamic capabilities.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by Justus-Liebig University Giessen, Department of Statistics and Economics in its journal Journal of Economics and Statistics.
Volume (Year): 233 (2013)
Issue (Month): 1 (January)
Contact details of provider:
Postal: Licher Straße 74, 35394 Gießen
Phone: +49 (0)641 99 22 001
Fax: +49 (0)641 99 22 009
Web page: http://wiwi.uni-giessen.de/home/oekonometrie/Jahrbuecher/
More information through EDIRC
Economic evolution; Schumpeter and Marshall; theory of the firm; innovation activities;
Find related papers by JEL classification:
- B13 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Neoclassical through 1925 (Austrian, Marshallian, Walrasian, Stockholm School)
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- D21 - Microeconomics - - Production and Organizations - - - Firm Behavior: Theory
- O3 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights
You can help add them by filling out this form.
reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Peter Winker).
If references are entirely missing, you can add them using this form.