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The Economy as an Agent-based Whole--Simulating Schumpeterian Dynamics

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  • Charlotte Bruun

Abstract

Schumpeter's view on the dynamics of economic systems has regained topicality as an early contribution to the complexity view in economics. The aim of this paper is to test some of the ideas of Schumpeter using an agent-based computational model. As in the early work of Schumpeter, the model presented assigns a central role to entrepreneurs, and through mechanisms involving creative destruction, the model displays cyclical behavior around a growth path. Focus will be placed on the role of the bankruptcy mechanism in selecting winners and exiting losers.

Suggested Citation

  • Charlotte Bruun, 2003. "The Economy as an Agent-based Whole--Simulating Schumpeterian Dynamics," Industry and Innovation, Taylor & Francis Journals, vol. 10(4), pages 475-491.
  • Handle: RePEc:taf:indinn:v:10:y:2003:i:4:p:475-491 DOI: 10.1080/1366271032000163694
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    References listed on IDEAS

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    1. C. Antonelli, 2007. "Localized Technological Change," Chapters,in: Elgar Companion to Neo-Schumpeterian Economics, chapter 16 Edward Elgar Publishing.
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    Cited by:

    1. Howitt, Peter & Özak, Ömer, 2014. "Adaptive consumption behavior," Journal of Economic Dynamics and Control, Elsevier, vol. 39(C), pages 37-61.
    2. Guido Ferilli & Pier Luigi Sacco & Massimo Buscema & Giorgio Tavano Blessi, 2015. "Understanding Cultural Geography as a Pseudo-Diffusion Process: The Case of the Veneto Region," Economies, MDPI, Open Access Journal, vol. 3(2), pages 1-28, June.

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