 Schumpeterian Growth, Chaos, and the Formation of Dissipative StructuresRichard A Jenner Journal of Evolutionary Economics, 1994, vol. 4, issue 2, 125-39 Abstract: This paper reformulates several basic ideas introduced by Joseph Schumpeter to examine the correlation between productivity growth and technological change in order to explore why American productivity growth has been sluggish for the past two decades. Conventional growth theory maintains that a primary cause of low productivity growth is inadequate capital formation, which in turn is caused by low private domestic saving. This paper borrows concepts from cybernetics, formal information theory, and chaotic dynamic systems to describe the Schumpeterian process through which innovative "new combinations" of capital goods generate wealth, productivity increases, and income growth, and which in turn cause increased savings. It describes the process through which such fundamental technological changes are diffused by entrepreneurs throughout the economy, and concludes that the fundamental causes of America's relatively weak productivity growth are to be found in policies or practices that inhibit innovation and entrepreneurship. Date: 1994 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:spr:joevec:v:4:y:1994:i:2:p:125-39 Ordering information: This journal article can be ordered from Access Statistics for this article Journal of Evolutionary Economics is currently edited by Uwe Cantner, Elias Dinopoulos, Horst Hanusch and Luigi Orsenigo More articles in Journal of Evolutionary Economics from Springer |
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