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Industrial Growth and the Theory of Retardation. Precursors of an Adaptive Evolutionary Theory of EconomicChange

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  • John Stanley Metcalfe

Abstract

In the 1930s the idea of industrial growth was explored extensively by many economists in particular by Simon Kuznets and Arthur Burns. In their detailed empirical studies they identified diversity of industry growth rates and retardation of industry growth rates as a central feature of capitalist economic development. Yet the theory of growth rate diversity and retardation has only recently begun to be explored in detail by evolutionary economists. This paper is written in recognition of the contribution of Richard Nelson and Sidney Winter to this enterprise. It develops a model of industrial growth with endogenous technical progress in which the conditions for retardation are identified and explored. The paper has wider connections with the Austrian emphasis on economic activity as a discovery process in which innovation creates new market niches that are subsequently explored and further developed.

Suggested Citation

  • John Stanley Metcalfe, 2003. "Industrial Growth and the Theory of Retardation. Precursors of an Adaptive Evolutionary Theory of EconomicChange," Revue économique, Presses de Sciences-Po, vol. 54(2), pages 407-431.
  • Handle: RePEc:cai:recosp:reco_542_0407
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    References listed on IDEAS

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    1. Metcalfe, J S, 2001. "Institutions and Progress," Industrial and Corporate Change, Oxford University Press, vol. 10(3), pages 561-586, September.
    2. J. Stan Metcalfe & John Foster & Ronnie Ramlogan, 2006. "Adaptive economic growth," Cambridge Journal of Economics, Oxford University Press, vol. 30(1), pages 7-32, January.
    3. Jati Sengupta, 2001. "A model of Schumpeterian innovations," Applied Economics Letters, Taylor & Francis Journals, vol. 8(6), pages 397-401.
    4. Cowan, Robin & Cowan, William & Swann, Peter, 1997. "A model of demand with interactions among consumers," International Journal of Industrial Organization, Elsevier, vol. 15(6), pages 711-732, October.
    5. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
    6. Mariana Mazzucato, 2002. "The PC Industry: New Economy or Early Life-Cycle?," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 5(2), pages 318-345, April.
    7. Abramovitz,Moses, 1989. "Thinking about Growth," Cambridge Books, Cambridge University Press, number 9780521333962, April.
    8. Jason Potts, 2001. "Knowledge and markets," Journal of Evolutionary Economics, Springer, vol. 11(4), pages 413-431.
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    Cited by:

    1. Syrquin, Moshe, 2010. "Kuznets and Pasinetti on the study of structural transformation: Never the Twain shall meet?," Structural Change and Economic Dynamics, Elsevier, vol. 21(4), pages 248-257, November.
    2. Consoli, Davide, 2005. "The dynamics of technological change in UK retail banking services: An evolutionary perspective," Research Policy, Elsevier, vol. 34(4), pages 461-480, May.
    3. repec:oup:cjrecs:v:10:y:2017:i:3:p:425-454. is not listed on IDEAS
    4. Francisco Fatas-Villafranca & Gloria Jarne & Julio Sanchez-Choliz, 2014. "Stock and Mobility of Researchers and Industrial Leadership," Metroeconomica, Wiley Blackwell, vol. 65(1), pages 95-122, February.
    5. Consoli, Davide, 2005. "Technological cooperation and product substitution in UK retail banking: the case of customer services," Information Economics and Policy, Elsevier, vol. 17(2), pages 199-215, March.
    6. John Foster, 2014. "Energy, knowledge and economic growth," Journal of Evolutionary Economics, Springer, vol. 24(2), pages 209-238, April.
    7. Foster, John, 2018. "The Consumption Function: A New Perspective," MPRA Paper 84383, University Library of Munich, Germany.
    8. Ruttan, Vernon W., 2008. "General Purpose Technology, Revolutionary Technology, and Technological Maturity," Staff Papers 6206, University of Minnesota, Department of Applied Economics.

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