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Economic Development from the Perspective of Evolutionary Economic Theory

Author

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  • Richard Nelson

Abstract

This paper proposes that economic development can fruitfully be understood as an evolutionary process, in the sense that it involves the introduction to the economy of many new ways of doing things, a good portion of which fail, with the ones that survive providing the basis for the next round of evolutionary change. The process is Schumpererian rather than neoclassical. The fact that economic development is evolutionary has many important policy implications.

Suggested Citation

  • Richard Nelson, 2007. "Economic Development from the Perspective of Evolutionary Economic Theory," Globelics Working Paper Series 2007-02, Globelics - Global Network for Economics of Learning, Innovation, and Competence Building Systems, Aalborg University, Department of Business and Management.
    • Handle: RePEc:aal:glowps:2007-02
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    File URL: https://papers.globelics.org/wp-content/uploads/2018/07/GWP2007.02.pdf
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    Citations

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    Cited by:

    1. Hashi, Iraj & Stojčić, Nebojša, 2013. "The impact of innovation activities on firm performance using a multi-stage model: Evidence from the Community Innovation Survey 4," Research Policy, Elsevier, vol. 42(2), pages 353-366.
    2. Mauricio Uriona-Maldonado & Raimundo N. M. Santos & Gregorio Varvakis, 2012. "State of the art on the Systems of Innovation research: a bibliometrics study up to 2009," Scientometrics, Springer;Akadémiai Kiadó, vol. 91(3), pages 977-996, June.
    3. Camelia Moraru & Romana Emilia Cramarenco, 2014. "Methodological Diversity In The Study Of Innovation. The Place And Role Of Innovative Industrial Clusters Research Methodology," Romanian Journal of Regional Science, Romanian Regional Science Association, vol. 8(1), pages 54-68, JUNE.
    4. Rajah Rasiah & Xin-Xin Kong & Yeo Lin & Jaeyong Song, 2012. "Explaining Variations in Semiconductor Catch-up Strategies in China, Korea, Malaysia and Taiwan," Chapters, in: Franco Malerba & Richard R. Nelson (ed.), Economic Development as a Learning Process, chapter 4, Edward Elgar Publishing.

    More about this item

    Keywords

    Innovation; evolution; creative destruction; economic development;
    All these keywords.

    JEL classification:

    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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