Marshall, Schumpeter and evolution

Brian Loasby

Economics of Innovation and New Technology, 2013, vol. 22, issue 7, 631-642

Abstract: As Stan Metcalfe is the leading exponent of combining Marshallian and Schumpeterian conceptions of the evolution of economic systems, it is appropriate to explore the similarities and differences between Marshall's and Schumpeter's work, and in doing so, to draw particularly on major Companions to each and a conference volume, which is explicitly focused on such comparisons, to all of which he has contributed. Economic systems generate and diffuse novelty through the creation and application of knowledge, which is inherently unpredictable but which emerges from diverse forms of organization. This process of selective co-ordination relies on quasi-decomposability -- which implies partial equilibrium, and therefore entails multiple failure and sometimes major disruption, both of which should be represented in economic theory and should inform economic policy.

Date: 2013
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1080/10438599.2013.795782 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:taf:ecinnt:v:22:y:2013:i:7:p:631-642

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/GEIN20

DOI: 10.1080/10438599.2013.795782

Access Statistics for this article

Economics of Innovation and New Technology is currently edited by Professor Cristiano Antonelli

More articles in Economics of Innovation and New Technology from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().