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Economic Development from the Perspective of Evolutionary Economic Theory

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  • Richard R. Nelson

Abstract

The purpose of the article is to discuss the differences between the evolutionary economic theory and the neoclassical theory from the appreciative viewpoint that aims to capture the basics of what actually is going on, leaving aside formal mathematical modeling in the two theories. As the result, evolutionary theory sees the economy as always in the process of change that involves economic actors taking actions that break from previous behavior, and an environment in continuing flux because of the innovation. While neoclassical theory sees the economy as at rest, or undergoing well anticipated change it has nothing to say about these kinds of conditions. Therefore the author believes the processes of economic catch-up have to proceed under the implicit or explicit guidance of an evolutionary economic theory.

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Bibliographic Info

Paper provided by TUT Ragnar Nurkse School of Innovation and Governance in its series The Other Canon Foundation and Tallinn University of Technology Working Papers in Technology Governance and Economic Dynamics with number 02.

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Length: 17 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:tth:wpaper:02

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Cited by:
  1. Lenihan, Helena, 2011. "Enterprise policy evaluation: Is there a 'new' way of doing it?," Evaluation and Program Planning, Elsevier, Elsevier, vol. 34(4), pages 323-332, November.
  2. Samira Guennif & Shyama Ramani, 2010. "Catching up in pharmaceuticals: a comparative study of India and Brazil," CEPN Working Papers, HAL hal-00632439, HAL.
  3. Yanjun Guo & Yansui Liu & Qi Wen & Yurui Li, 2014. "The Transformation of Agricultural Development towards a Sustainable Future from an Evolutionary View on the Chinese Loess Plateau: A Case Study of Fuxian County," Sustainability, MDPI, Open Access Journal, vol. 6(6), pages 3644-3668, June.
  4. Guennif, Samira & Ramani, Shyama V., 2012. "Explaining divergence in catching-up in pharma between India and Brazil using the NSI framework," Research Policy, Elsevier, Elsevier, vol. 41(2), pages 430-441.
  5. Evelyn S. Devadason, 2013. "Book Review: Innovation and Learning Experiences in Rapidly Developing East Asia, by Rajah Rasiah, Thiruchelvam Kanagasundram and Keun Lee (eds), London and New York: Routledge, 2012, 144 pp," Institutions and Economies (formerly known as International Journal of Institutions and Economies), Faculty of Economics and Administration, University of Malaya, Faculty of Economics and Administration, University of Malaya, vol. 5(1), pages 113-116, April.
  6. Jinfeng Wang & Xuhua Liu & Hongyan Chen, 2011. "Construction of a Cities Evolution Tree, with Applications," ERSA conference papers ersa10p1360, European Regional Science Association.
  7. Wignaraja, Ganeshan, 2012. "Innovation, learning, and exporting in China: Does R&D or a technology index matter?," Journal of Asian Economics, Elsevier, Elsevier, vol. 23(3), pages 224-233.
  8. Américo Tristão Bernardes & Ricardo Machado Ruiz & Leonardo Costa Ribeiro & Eduardo da Motta e Albuquerque, 2006. "Modeling economic growth fuelled by science and technology," Textos para Discussão Cedeplar-UFMG td294, Cedeplar, Universidade Federal de Minas Gerais.
  9. John Dunning & Sarianna Lundan, 2008. "Institutions and the OLI paradigm of the multinational enterprise," Asia Pacific Journal of Management, Springer, Springer, vol. 25(4), pages 573-593, December.
  10. Bart Nooteboom, 2014. "In What Sense do Firms Evolve?," Journal of Economics and Statistics (Jahrbuecher fuer Nationaloekonomie und Statistik), Justus-Liebig University Giessen, Department of Statistics and Economics, Justus-Liebig University Giessen, Department of Statistics and Economics, vol. 234(2-3), pages 185-209, April.
  11. Eduardo da Motta e Albuquerque, 2005. "Inadequacy of technology and innovation systems at the periphery: notes on Celso Furtado's contributions for a dialogue between evolutionists and structuralists," Textos para Discussão Cedeplar-UFMG td254, Cedeplar, Universidade Federal de Minas Gerais.
  12. Rajah Rasiah & Jebamalai Vinanchiarachi, 2013. "Institutional Support and Technological Upgrading: Evidence from Dynamic Clusters in Latin America and Asia," World Economic Review, World Economics Association, World Economics Association, vol. 2013(2), pages 24, February.
  13. repec:hal:wpaper:hal-00632439 is not listed on IDEAS
  14. Wignaraja, Ganeshan & Krüger, Jens & Tuazon, Anna Mae, 2013. "Production Networks, Profits, and Innovative Activity: Evidence from Malaysia and Thailand," ADBI Working Papers, Asian Development Bank Institute 406, Asian Development Bank Institute.
  15. Wignaraja, Ganeshan, 2012. "Do Exporting Firms in the People’s Republic of China Innovate?," ADBI Working Papers, Asian Development Bank Institute 365, Asian Development Bank Institute.

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