Swarming Mechanics

Moshe Justman

Economics of Innovation and New Technology, 1996, vol. 4, issue 3, 235-244

Abstract: This paper sets out some microfoundations for Schumpeter' s theory of innovation-driven business cycles. A model is developed to represent these cycles, which incorporates two of the three main elements of Schumpeter's analysis: innovation and profit-seeking. The third element emphasized by Schumpeter, the role of credit, is taken as an exogenous factor.

Keywords: business cycles; innovation; profit-seeking (search for similar items in EconPapers)
Date: 1996
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Citations: View citations in EconPapers (2)

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DOI: 10.1080/10438599600000011

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