An essential feature of Schumpeter’s business cycle theory is the attempt to explain the macrodynamics of an economy by means of innovative heterogeneous agents. It has been criticized for being theoretically inconsistent as well as for its lack of empirical confirmation. In particular, the three-wave-scheme stands in contradiction to empirical innovation studies. The present paper collects scattered evidence on cyclically changing varieties on the firm level. It then presents a heterogeneous-agent market-process based model of the business cycle in which innovations of any kind can take place all the time. This avoids many shortcomings of Schumpeter’s approach.
Download Info
To our knowledge, this item is not available for
download. To find whether it is available, there are three
options:
1. Check below under "Related research" whether another version of this item is available online.
2. Check on the provider's web page
whether it is in fact available.
3. Perform a search for a similarly titled item that would be
available.
Publisher Info
Paper provided by Friedrich-Schiller-Universität Jena, Wirtschaftswissenschaftliche Fakultïät in its series Working Paper Series B with number
1998-13.
Order Information: Postal: If a paper is not downloadable, please contact the author(s) or the library of University of Jena, not the archive maintainer.
For technical questions regarding this item, or to correct its listing, contact: ().