Schumpeter's theory of economic evolution: a Darwinian interpretation (*)

Matthias Kelm
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Matthias Kelm: ESRC Centre for Business Research, Department of Applied Economics, University of Cambridge, Cambridge, UK

Journal of Evolutionary Economics, 1997, vol. 7, issue 2, 97-130

Abstract: A general Darwinian framework is employed to arrive at an interpretation of Schumpeter's work that brings out clearly its specific evolutionary aspects. Schumpeter's theory of economic evolution is seen to be still highly relevant to evolutionary economics, because it sheds light on some fundamental issues: the relationship between evolutionary theory and equilibrium analysis, the usefulness of Darwinian theory for economics, and the precise nature of the evolutionary forces at work in economic systems.

Keywords: Schumpeter; Darwin; Evolutionary theory; Equilibrium and evolution; Biology and economics (search for similar items in EconPapers)
Date: 1997
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