Disequilibrium Economic Dynamics: A Post-Schumpeterian Contribution

Richard A. Day
Additional contact information
Richard A. Day: Research Institute of Industrial Economics (IFN)

No 111, Working Paper Series from Research Institute of Industrial Economics

Abstract: Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in addition to local instability economies are also globally unstable, as considerable evidence suggests, then the discovery and application of new structure is essential. A complete dynamic theory of economic change must therefore be based not only on conventional rationality and routinely adapting behavior but on a superior faculty which may perhaps best be called creative intelligence.

Keywords: Disequilibrium (search for similar items in EconPapers)
JEL-codes: D50 (search for similar items in EconPapers)
Pages: 40 pages
Date: 1983-12
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
https://www.ifn.se/wfiles/wp/wp111.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:hhs:iuiwop:0111

Access Statistics for this paper

More papers in Working Paper Series from Research Institute of Industrial Economics Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden. Contact information at EDIRC.
Bibliographic data for series maintained by Elisabeth Gustafsson ().