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Competition, Fisher's Principle and Increasing Returns in the Selection Process

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Metcalfe, J S

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Abstract

This paper explores the relationship between increasing returns and structural change in the context of an explicitly evolutionary model. The central theme concerns the behaviour of a population of competing firms which is elaborated in terms of Fisher's Principle, the rate of change of the moments of this population distribution are functionally related to higher order moments of the distribution. Different kinds of increasing returns are distinguished and it is shown how they influence the dynamics of selection. The basic principles here are those of replicator dynamic systems and it is shown how the Fisher Principle interacts with the more familiar Kaldor/Verdoorn principles of endogenous growth.

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

Volume (Year): 4 (1994)
Issue (Month): 4 (November)
Pages: 327-46
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Handle: RePEc:spr:joevec:v:4:y:1994:i:4:p:327-46

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  1. Silverberg,Gerald, 1997. "Evolutionary modeling in economics : recent history and immediate prospects," Research Memoranda 008, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  2. Gradstein, Mark & Justman, Moshe, 2001. "Education, Social Cohesion and Economic Growth," CEPR Discussion Papers 2773, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  3. Joosten ,Reinoud, 1995. "Evolution, dynamics, and fixed points," Research Memoranda 005, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  4. Weel,B.J.,ter, 1997. "Cybertax," Research Memoranda 013, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
    Other versions:
    • Soete,Luc & Weel,Bas,ter, 1998. "Cybertax," Research Memoranda 017, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  5. G. Buenstorf, 2005. "How Useful Is Universal Darwinism as a Framework to Study Competition and Industrial Evolution?," Papers on Econonmics and Evolution 2005-02, Max Planck Institute of Economics, Evolutionary Economics Group.
  6. Alexander Coad, 2007. "Disentangling the firm growth process: evidence from a recursive panel VAR," Papers on Econonmics and Evolution 2007-15, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
  7. Esben Sloth Andersen, 2004. "Population Thinking and Evolutionary Economic Analysis: Exploring Marshall's Fable of the Trees," DRUID Working Papers 04-05, DRUID, Copenhagen Business School, Department of Industrial Economics and Strategy/Aalborg University, Department of Business Studies. [Downloadable!]
  8. U. Witt, 2006. "Evolutionary Economics," Papers on Econonmics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  9. Alex Coad, 2007. "Neoclassical vs evolutionary theories of financial constraints : critique and prospectus," Documents de travail du Centre d'Economie de la Sorbonne r07008, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne. [Downloadable!]
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  10. Steinmueller ,W. Edward, 1995. "The U.S. software industry : an analysis and interpretative history," Research Memoranda 006, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  11. U. Witt, 2007. "Novelty and the Bounds of Unknowledge in Economics," Papers on Econonmics and Evolution 2007-07, Max Planck Institute of Economics, Evolutionary Economics Group. [Downloadable!]
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