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Adaptive Economic Growth

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Author Info
Metcalfe, J.S.
Foster, J.
Ramlogan, R.

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Abstract

This paper outlines an evolutionary theory of adaptive growth based on the twin principles of enterprise and the co-ordinating role of markets. The central organising idea is that economies never grow without simultaneous development. Growth as conventionally understood is a product of structural change and economic self-transformation, and these processes are closely connected with but not reducible to the growth of knowledge. The dominant theme is enterprise, the variations it generates, and the multiple connections between investment, innovation, demand and structural transformation. We explore the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. We show how industry growth rates are emergent phenomena, constrained by higher order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system.

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Publisher Info
Paper provided by University of Manchester, Institute for Development Policy and Management (IDPM) in its series Centre on Regulation and Competition (CRC) Working papers with number 30637.

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Date of creation: 2003
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Handle: RePEc:ags:idpmcr:30637

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Keywords: Financial Economics;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Nelson, Richard R & Winter, Sidney G, 1974. "Neoclassical vs. Evolutionary Theories of Economic Growth: Critique and Prospectus," Economic Journal, Royal Economic Society, vol. 84(336), pages 886-905, December. [Downloadable!] (restricted)
  2. Harberger, Arnold C, 1998. "A Vision of the Growth Process," American Economic Review, American Economic Association, vol. 88(1), pages 1-32, March.
  3. Montobbio, Fabio, 2002. "An evolutionary model of industrial growth and structural change," Structural Change and Economic Dynamics, Elsevier, vol. 13(4), pages 387-414, December. [Downloadable!] (restricted)
    Other versions:
  4. Jan Fagerberg, 1999. "Vision and fact - A critical essay on the growth literature," Working Papers Archives 1999003, Centre for Technology, Innovation and Culture, University of Oslo. [Downloadable!]
  5. Kuznets, Simon, 1977. "Two Centuries of Economic Growth: Reflections on U.S. Experience," American Economic Review, American Economic Association, vol. 67(1), pages 1-14, February.
  6. Jones, Charles I, 1995. "Time Series Tests of Endogenous Growth Models," The Quarterly Journal of Economics, MIT Press, vol. 110(2), pages 495-525, May. [Downloadable!] (restricted)
  7. Cornwall, John & Cornwall, Wendy, 2002. "A demand and supply analysis of productivity growth," Structural Change and Economic Dynamics, Elsevier, vol. 13(2), pages 203-229, June. [Downloadable!] (restricted)
  8. Dan Usher, 1973. "The Measurement of Economic Growth," Working Papers 145, Queen's University, Department of Economics.
  9. Bairam, Erkin I, 1987. "The Verdoorn Law, Returns to Scale and Industrial Growth: A Review of the Literature," Australian Economic Papers, Blackwell Publishing, vol. 26(48), pages 20-42, June.
  10. Atkinson, Anthony B & Stiglitz, Joseph E, 1969. "A New View of Technological Change," Economic Journal, Royal Economic Society, vol. 79(315), pages 573-78, September. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Davide Consoli, 2003. "The evolution of retail banking services in United Kingdom: a retrospective analysis," Industrial Organization 0310002, EconWPA. [Downloadable!]
  2. Werner Hölzl & Andreas Reinstaller, 2004. "The effect of technology and demand shocks on structural and industrial dynamics: Evidence from Austrian manufacturing," Working Papers geewp37, Vienna University of Economics and B.A. Research Group: Growth and Employment in Europe: Sustainability and Competitiveness. [Downloadable!]
  3. Hölzl,Werner & Reinstaller,Andreas, 2004. "The Impact of technology and demand shocks on structural dynamics: evidence from Austrian manufacturing," Research Memoranda 015, Maastricht : MERIT, Maastricht Economic Research Institute on Innovation and Technology. [Downloadable!]
  4. Braunerhjelm, Pontus, 2007. "Specialization of Regions and Universities - the new versus the old," Working Paper Series in Economics and Institutions of Innovation 101, Royal Institute of Technology, CESIS - Centre of Excellence for Science and Innovation Studies. [Downloadable!]
  5. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Industrial Organization 0511001, EconWPA. [Downloadable!]
  6. U. Witt & T. Brenner, 2007. "Output Dynamics, Flow Equilibria and Structural Change – A Prolegomenon to Evolutionary Macroeconomics," Papers on Economics and Evolution 2007-12, Max Planck Institute of Economics, Evolutionary Economics Group.
    Other versions:
  7. Francesco Crespi & Mario Pianta, 2008. "Diversity in innovation and productivity in Europe," Journal of Evolutionary Economics, Springer, vol. 18(3), pages 529-545, August. [Downloadable!] (restricted)
  8. Pier Saviotti & Andreas Pyka, 2008. "Product variety, competition and economic growth," Journal of Evolutionary Economics, Springer, vol. 18(3), pages 323-347, August. [Downloadable!] (restricted)
  9. Davide Consoli, 2005. "Cash and the Counter: Capabilities and Preferences in the Demand for Banking Technologies," Development and Comp Systems 0511010, EconWPA. [Downloadable!]
  10. U. Witt, 2006. "Evolutionary Economics," Papers on Economics and Evolution 2006-05, Max Planck Institute of Economics, Evolutionary Economics Group.
  11. Quatraro Francesco, 2006. "Knowledge-based economy, structural change and productivity: the italian evidence," Dipartimento di Economia "S. Cognetti de Martiis" LEI & BRICK - Laboratorio di economia dell'innovazione "Franco Momigliano", Bureau of Research in Innovation, Complexity and Knowledge, Collegio Carlo 200607, University of Turin. [Downloadable!]
  12. Carolina Castaldi & Sandro Sapio, 2008. "Growing like mushrooms? Sectoral evidence from four large European economies," Journal of Evolutionary Economics, Springer, vol. 18(3), pages 509-527, August. [Downloadable!] (restricted)
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