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Diversity Structure of the Schumpeterian Evolution. An Axiomatic Approach

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Abstract

The purpose of the paper is to impose the diversity structure on the Schumpeterian evolution modelled axiomatically within a dynamical system approach to the ArrowDebreu theory of general equilibrium. In this framework two basic forms of economic life studied by Schumpeter, i.e., the circular flow and economic development are investigated as specific properties of a dynamic system, where single production systems being the parts of the Debreu models change in the definite environment according to the rules of the Schumpeterian evolution. Moreover, the Sterling diversity-triplet concept based on subcategories of variety, balance and disparity, is slightly modified and applied to serve as a tool for rigorous analysis of innovative and cumulative changes in production system with respect to diversity structure. Finally, integrating diversity aspects into a dynamic system approach, the study identifies innovative processes as the source of growing diversity in the Schumpeterian vision of economic development.

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  • Andrzej Malawski & Martin Woerter, 2006. "Diversity Structure of the Schumpeterian Evolution. An Axiomatic Approach," KOF Working papers 06-153, KOF Swiss Economic Institute, ETH Zurich.
  • Handle: RePEc:kof:wpskof:06-153
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    File URL: http://dx.doi.org/10.3929/ethz-a-005277211
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    Cited by:

    1. Lipieta, Agnieszka, 2010. "The Debreu private ownership economy with complementary commodities and prices," Economic Modelling, Elsevier, vol. 27(1), pages 22-27, January.

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    Keywords

    Diversity; Schumpeterian evolution; Arrow-Debreu theory; Dynamic system approach;

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