IDEAS home Printed from https://ideas.repec.org/p/uow/depec1/wp07-17.html
   My bibliography  Save this paper

An Appreciative Model of Schumpeterian Evolution

Author

Abstract

Schumpeter persistently sought to reconcile innovation with general equilibrium to explain economic evolution. In essence, he was interested in innovatory discontinuities that upset equilibrium and generate a transitional dynamics converging to a different state of technology. There are two central approaches to the analysis of economic evolution which revolve around the Schumpeterian vision: the evolutionary approach as originated in the landmark book by Nelson and Winter An Evolutionary Theory of Economic Change and the neoclassical approach emerging from Romer’s seminal paper “Endogenous Technological Change” Neither of these approaches is able to explain economic evolution in an economy where both general equilibrium and innovatory discontinuities can happen. In this paper I formalize the notion of innovatory discontinuity using the concept of ‘ideas production function’ and present an appreciative model of economic evolution involving equilibrium, innovation and innovatory discontinuities. This (hybrid) model sheds some light on the answer to the question: is economic evolution continuous or discontinuous?

Suggested Citation

  • Pol, Eduardo-Fernandez, 2007. "An Appreciative Model of Schumpeterian Evolution," Economics Working Papers wp07-17, School of Economics, University of Wollongong, NSW, Australia.
  • Handle: RePEc:uow:depec1:wp07-17
    as

    Download full text from publisher

    File URL: http://www.uow.edu.au/content/groups/public/@web/@commerce/@econ/documents/doc/uow038555.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    General equilibrium; economic evolution; neoclassical approach; evolutionary economics; mega-invention; innovatory discontinuities; Schumpeterian view;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:uow:depec1:wp07-17. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: . General contact details of provider: https://edirc.repec.org/data/deuowau.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Siminski The email address of this maintainer does not seem to be valid anymore. Please ask Peter Siminski to update the entry or send us the correct address (email available below). General contact details of provider: https://edirc.repec.org/data/deuowau.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.