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Schumpeter, Keynes and the Theory of Economic Evolution


  • Goodwin, R M


The contribution deals with a nonlinear dynamic macro-economic model which is used for simulation runs. Conditions and model specifications allowing for global stability are investigated and tested. Based on this some well-known facts as Schumpeterian long-wave phenomena, Keynesian unemployment, productivity growth effects are simulated. Moreover specifying an instrumental variable for state interventions policy issues are also discussed. With this runs it is shown that minor changes of parameters may provide totally different outcomes and different economic developments.

Suggested Citation

  • Goodwin, R M, 1991. "Schumpeter, Keynes and the Theory of Economic Evolution," Journal of Evolutionary Economics, Springer, vol. 1(1), pages 29-47, January.
  • Handle: RePEc:spr:joevec:v:1:y:1991:i:1:p:29-47

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    References listed on IDEAS

    1. C. Antonelli, 2007. "Localized Technological Change," Chapters,in: Elgar Companion to Neo-Schumpeterian Economics, chapter 16 Edward Elgar Publishing.
    2. Mansfield, Edwin & Schwartz, Mark & Wagner, Samuel, 1981. "Imitation Costs and Patents: An Empirical Study," Economic Journal, Royal Economic Society, vol. 91(364), pages 907-918, December.
    3. Mario Calderini & Giuseppe Scellato, 2004. "Intellectual property rights as strategic assets: the case of european patent opposition in the telecommunication industry," KITeS Working Papers 158, KITeS, Centre for Knowledge, Internationalization and Technology Studies, Universita' Bocconi, Milano, Italy, revised Jul 2004.
    4. Antonelli, Cristiano, 2001. "The Microeconomics of Technological Systems," OUP Catalogue, Oxford University Press, number 9780199245536, June.
    5. Michele Boldrin & David Levine, 2002. "The Case Against Intellectual Property," American Economic Review, American Economic Association, vol. 92(2), pages 209-212, May.
    6. Kingston, William, 2001. "Innovation needs patents reform," Research Policy, Elsevier, vol. 30(3), pages 403-423, March.
    7. Nelson, Richard R., 2004. "The market economy, and the scientific commons," Research Policy, Elsevier, vol. 33(3), pages 455-471, April.
    8. Kenneth Arrow, 1962. "Economic Welfare and the Allocation of Resources for Invention," NBER Chapters,in: The Rate and Direction of Inventive Activity: Economic and Social Factors, pages 609-626 National Bureau of Economic Research, Inc.
    9. Bronwyn H. Hall & Stuart Graham & Dietmar Harhoff & David C. Mowery, 2004. "Prospects for Improving U.S. Patent Quality via Postgrant Opposition," NBER Chapters,in: Innovation Policy and the Economy, Volume 4, pages 115-144 National Bureau of Economic Research, Inc.
    10. Shavell, Steven & van Ypersele, Tanguy, 2001. "Rewards versus Intellectual Property Rights," Journal of Law and Economics, University of Chicago Press, vol. 44(2), pages 525-547, October.
    11. Geroski, P. A., 1995. "What do we know about entry?," International Journal of Industrial Organization, Elsevier, vol. 13(4), pages 421-440, December.
    12. Joseph E. Stiglitz, 2002. "Information and the Change in the Paradigm in Economics," American Economic Review, American Economic Association, vol. 92(3), pages 460-501, June.
    13. Arundel, Anthony, 2001. "The relative effectiveness of patents and secrecy for appropriation," Research Policy, Elsevier, vol. 30(4), pages 611-624, April.
    14. Joseph E. Stiglitz, 2000. "The Contributions of the Economics of Information to Twentieth Century Economics," The Quarterly Journal of Economics, Oxford University Press, vol. 115(4), pages 1441-1478.
    15. Machlup, Fritz & Penrose, Edith, 1950. "The Patent Controversy in the Nineteenth Century," The Journal of Economic History, Cambridge University Press, vol. 10(01), pages 1-29, May.
    16. J. Gregory Sidak & William Baumol, 1994. "Toward Competition in Local Telephony," Books, American Enterprise Institute, number 52984, September.
    17. Atkinson, Anthony B & Stiglitz, Joseph E, 1969. "A New View of Technological Change," Economic Journal, Royal Economic Society, vol. 79(315), pages 573-578, September.
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    Cited by:

    1. repec:dau:papers:123456789/6516 is not listed on IDEAS
    2. Silva, Ester G. & Teixeira, Aurora A.C., 2008. "Surveying structural change: Seminal contributions and a bibliometric account," Structural Change and Economic Dynamics, Elsevier, vol. 19(4), pages 273-300, December.
    3. Gianfranco Giulioni, 2011. "The product innovation process and GDP dynamics," Journal of Evolutionary Economics, Springer, vol. 21(4), pages 595-618, October.

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