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Competitive selection, self-organisation and Joseph A. Schumpeter

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Author Info
John Foster () (Department of Economics, University of Queensland, Brisbane, QLD 4072, Australia)

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Abstract

Post-Schumpeterians have tended to use biological analogies to understand economic evolution, in contrast to Schumpeter himself. In this paper it is argued that the biological analogies used tend to be outdated and that Schumpeter espoused an intuitive understanding of the evolutionary economic process that is closely related to modern conceptions of self-organisation, suitably adapted for application in socioeconomic systems. Using a self-organisation approach, competition can be understood without recourse to biological analogy, in terms of general systemic principles that operate in the presence of variety. Viewing economic evolution in terms of complex adaptation in self-organising systems yields nonequilibrium and nonlinear perspectives that parallel Schumpeter's own intuitions, reinvigorating them as the basis of evolutionary economic thinking in the new Millennium.

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Publisher Info
Article provided by Springer in its journal Journal of Evolutionary Economics.

Volume (Year): 10 (2000)
Issue (Month): 3 ()
Pages: 311-328
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Handle: RePEc:spr:joevec:v:10:y:2000:i:3:p:311-328

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Related research
Keywords: Joseph A. Schumpeter - Self-organisation - Competition - Selection - Evolutionary economics - Biological analogy - Nonequilibrium process - Nonlinear discontinuity;

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Find related papers by JEL classification:
B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian
B4 - Schools of Economic Thought and Methodology - - Economic Methodology
L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
O3 - Economic Development, Technological Change, and Growth - - Technological Change

Cited by:
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  1. J. Stan Metcalfe & John Foster, 2009. "Evolutionary Growth Theory," Discussion Papers Series 388, School of Economics, University of Queensland, Australia. [Downloadable!]
  2. Prof John Foster, 2007. "A micro-meso-macro perspective on the methodology of evolutionary economics: integrating history, simulation and econometrics," Discussion Papers Series 343, School of Economics, University of Queensland, Australia. [Downloadable!]
  3. Mark Bowden & Stuart McDonald, 2008. "The Impact of Interaction and Social Learning on Aggregate Expectations," Computational Economics, Springer, vol. 31(3), pages 289-306, April. [Downloadable!] (restricted)
  4. Nooteboom, Bart, 2005. "Entrepreneurial roles along a cycle of discovery," Discussion Paper 43, Tilburg University, Center for Economic Research. [Downloadable!]
  5. Prof John Foster, 2004. "From Simplistic to Complex Systems in Economics," Discussion Papers Series 335, School of Economics, University of Queensland, Australia. [Downloadable!]
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