Schumpeter, Winter, and the Sources of Novelty

Markus C. Becker, Thorbjørn Knudsen and James G. March
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Markus C. Becker: BETA - Bureau d'Économie Théorique et Appliquée - INRA - Institut National de la Recherche Agronomique - UNISTRA - Université de Strasbourg - UL - Université de Lorraine - CNRS - Centre National de la Recherche Scientifique
Thorbjørn Knudsen: SDU - University of Southern Denmark
James G. March: Stanford University

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Abstract: This article examines what Joseph Schumpeter said on the emergence of novelty in economic institutions, what Sidney Winter did to build on and deviate from that foundation, and what puzzles remain. Winter built a framework for answers to a puzzle that Schumpeter could not solve—how novelty emerges in a system based on routines. He identified two major sources of novelty : the combinatorics of routines and the unreliability of routine imitation. As possible inspirations for further progress in evolutionary thought, the article points to ideas from chemistry, linguistics, and the diffusion of fashion for elaborations of these key Winterian insights.

Keywords: Joseph Aloïs Schumpeter; Sidney Winter (search for similar items in EconPapers)
Date: 2008
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Published in Industrial and Corporate Change, 2008, 15 (2), pp.353-371. ⟨10.1093/icc/dtl003⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-00279194

DOI: 10.1093/icc/dtl003

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