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Schumpeter, Winter, and the sources of novelty

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  • Markus C. Becker
  • Thorbjørn Knudsen
  • James G. March
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    Abstract

    This article examines what Joseph Schumpeter said on the emergence of novelty in economic institutions, what Sidney Winter did to build on and deviate from that foundation, and what puzzles remain. Winter built a framework for answers to a puzzle that Schumpeter could not solve--how novelty emerges in a system based on routines. He identified two major sources of novelty: the combinatorics of routines and the unreliability of routine imitation. As possible inspirations for further progress in evolutionary thought, the article points to ideas from chemistry, linguistics, and the diffusion of fashion for elaborations of these key Winterian insights. Copyright 2006, Oxford University Press.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Industrial and Corporate Change.

    Volume (Year): 15 (2006)
    Issue (Month): 2 (April)
    Pages: 353-371

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    Handle: RePEc:oup:indcch:v:15:y:2006:i:2:p:353-371

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    Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
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    Cited by:
    1. Agnes Festre & Eric Nasica, 2009. "Schumpeter on money, banking and finance: an institutionalist perspective," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(2), pages 325-356.
    2. Anthony Endres & Christine Woods, 2010. "Schumpeter’s ‘conduct model of the dynamic entrepreneur’: scope and distinctiveness," Journal of Evolutionary Economics, Springer, vol. 20(4), pages 583-607, August.
    3. Helmut M. Dietl & Markus Lang & Eric Lucas & Dirk Martignoni, 2012. "Learning Through Inaccurate Replication," Working Papers 312, University of Zurich, Department of Business Administration (IBW).

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