The Origins of Meso Economics - Schumpeter's Legacy
AbstractThe paper unravels the subversive nature of Schumpeterâ€™s proposition that entrepreneurs carry out innovations (the micro level), that swarms of followers imitate them (meso) and that, as a consequence, 'creative destructionâ€™ leads to economic development 'from withinâ€™ (macro). It is argued that Schumpeter paved the way for a new microâ€“mesoâ€“macro framework in economics. Centre stage is meso. Its essential characteristic is bimodality, meaning that one idea (the generic rule) can be physically actualised by many agents (a population). Ideas can relate to others, and, in this way, meso constitutes a structure component of a 'deepâ€™ invisible macro structure. Equally, the rule actualisation process unfolds over time â€“ modelled in the paper as a meso trajectory with three phases of rule origination, selective adoption and retention â€“ and here meso represents a process component of a visible 'surfaceâ€™ structure. The universal macro measure with a view to the appropriateness of meso components is generic correspondence. At the level of ideas, its measure is order; at that of actual relative adoption frequencies, it is generic equilibrium. Economic development occurs at the deep level as transition from one generic rule to another, inducing a change of order, and at the surface level as the new rule is adopted, destroying an old equilibrium and establishing a new one. The final third of the paper discusses a few of the rich set of major contributions to the Neo-Schumpeterian â€“ micro-meso-macro - programme
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Bibliographic InfoPaper provided by Max Planck Institute of Economics, Evolutionary Economics Group in its series Papers on Economics and Evolution with number 2006-10.
Date of creation: Sep 2006
Date of revision:
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- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
- A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
- B12 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Classical (includes Adam Smith)
- B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Institutional; Evolutionary
- B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
- E11 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Marxian; Sraffian; Institutional; Evolutionary
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- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O12 - Economic Development, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
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- O33 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes
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