"Coevolution" (in innovative economic systems)

Isabel Almudi and Francisco Fatas-Villafranca

Chapter 4 in Elgar Encyclopedia on the Economics of Knowledge and Innovation, 2022, pp 39-45 from Edward Elgar Publishing

Abstract: We define coevolution in innovative economic systems, as a key driver operating among interactive realms within an evolving complex system, in such a way that the respective innovation, replication and selection domain-specific mechanisms become mutually co-determined in a dynamic sense. We hereby develop the concept, and refer to formal implementations and empirical applications which analyze: the coevolution of technology, institutions and organizations in industrial dynamics; multisectoral coevolution and the coevolution of supply and demand in changing economies; the coevolution of market factors, technological traits, strategic options and institutional engines underlying growth and economic development; and evolutionary political economy issues from a coevolution perspective. The coevolution concept can unify methodologies (ABMs, networks and replicator dynamics) used in the analysis of innovation, and it can combine different evolutionary strands of innovation thinking (Schumpeterian economics; Institutional studies; Computational economics; Evolutionary games).

Keywords: Business and Management; Economics and Finance; Innovations and Technology (search for similar items in EconPapers)
Date: 2022
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