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Schumpeter, Winter, and the Sources of Novelty

Author

Listed:
  • Markus C. Becker

    (BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique)

  • Thorbjørn Knudsen

    (SDU - University of Southern Denmark)

  • James G. March

    (Stanford University)

Abstract

This article examines what Joseph Schumpeter said on the emergence of novelty in economic institutions, what Sidney Winter did to build on and deviate from that foundation, and what puzzles remain. Winter built a framework for answers to a puzzle that Schumpeter could not solve—how novelty emerges in a system based on routines. He identified two major sources of novelty : the combinatorics of routines and the unreliability of routine imitation. As possible inspirations for further progress in evolutionary thought, the article points to ideas from chemistry, linguistics, and the diffusion of fashion for elaborations of these key Winterian insights.

Suggested Citation

  • Markus C. Becker & Thorbjørn Knudsen & James G. March, 2008. "Schumpeter, Winter, and the Sources of Novelty," Post-Print hal-00279194, HAL.
    • Handle: RePEc:hal:journl:hal-00279194
    DOI: 10.1093/icc/dtl003
    as

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    Keywords

    Joseph Aloïs Schumpeter; Sidney Winter;

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