Evolutionary Economics and Creative Destruction

Metcalfe, J. Stanley

doi:10.4324/9780203275146

Cited by 634 publications

(395 citation statements)

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“…The relatively orderly properties of capitalist economies derive from its being in motion. This is the relative order of "restless capitalism" (Metcalfe, 1998). So for example, prices move roughly in line with the average costs of production which in turn depend on the underlying (technologyspecific and sector-specific) rates of process innovation.…”

Section: Change and Coordination: An Introductionmentioning

confidence: 97%

In order to stand up you must keep cycling: Change and coordination in complex evolving economies

Dosi

Virgillito

2021

Structural Change and Economic Dynamics

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. In this work we discuss the main building blocks, achievements and challenges of an evolutionary interpretation of the relation between mechanisms of coordination and drivers of change in modern economies, seen as complex evolving systems. It is an evident stylised fact of modern economic systems that there are forces at work which keep them together and make them grow despite rapid and profound modifications of their industrial structures, social relations, techniques of production, patterns of consumption. We suggest that a fruitful interpretation of the two processes rests in what we call the "bicycle conjecture": in order to stand up you must keep cycling. However, changes and transformation are by nature "disequilibrating" forces. Thus there must be other factors which maintain relatively ordered configurations of the system and allow a broad consistency between the conditions of material reproduction (including income distributions, accumulation, available techniques) and the thread of social relations. Terms of use: Documents in

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Section: Change and Coordination: An Introductionmentioning

confidence: 97%

In order to stand up you must keep cycling: Change and coordination in complex evolving economies

Dosi

Virgillito

2021

Structural Change and Economic Dynamics

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“…Firms prosper or decline as a result of the interaction between their own learning activities, the learning activities of competitors and the external factors that set the premises for the interaction. We can find more on this in Dosi and Nelson (2010) and Metcalfe (1998). Safarzyńska (2010) also has an excellent survey.…”

Section: Why An Evolutionary Approach In Economics?mentioning

confidence: 99%

“…Metcalfe and Foster (1998) explored the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level and the resolution of this diversity into patterns of economic change through market processes. They show how industry growth rates are constrained by higher-order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth.…”

Section: Why An Evolutionary Approach In Economics?mentioning

confidence: 99%

“…Castellacci (2007) gives a review on the evolution of evolutionary theories in economics which is presented in Table 9.1. Metcalfe et al (2006) explored an evolutionary theory of adaptive growth. They supposed economic growth as a product of structural change and economic self-transformation based on processes that were closely connected with but not reducible to the growth in knowledge.…”

Section: Why An Evolutionary Approach In Economics?mentioning

confidence: 99%

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Relationship Between Inflation and Real Economic Growth in Rwanda

Nkikabahizi

Ndagijimana

Musabanganji

2017

Frontiers in African Business Research

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“…Over time, competition and selection tend to consume and to reduce the initial heterogeneity, so that if there was no source of creation of new variety the process of evolution would soon come to an end (Metcalfe, 1998). The fundamental point about the evolutionary economic world is precisely that there is a permanent and ongoing introduction of novelty, so that heterogeneity and variety are continuously renewed, and evolution is a never ending process.…”

Section: Heterogeneity Selection and Innovationmentioning

confidence: 99%

A critical realist interpretation of evolutionary growth theorising

Castellacci¹

2006

Cambridge Journal of Economics

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The article discusses a critical realist interpretation of evolutionary growth theorising by focusing on some of its basic characteristics. The evolutionary ontology is complex, differentiated, structured, systemic, open, ever-changing, and radically uncertain. Its methodology tends to be increasingly based on appreciative theorising, retroductive explanations and interdisciplinary analysis. After discussing these features, the article suggests that critical realism may indeed constitute an important philosophical and methodological foundation for the future development of evolutionary theories of economic growth.

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Evolutionary Economics and Creative Destruction

Cited by 634 publications

References 0 publications

In order to stand up you must keep cycling: Change and coordination in complex evolving economies

In order to stand up you must keep cycling: Change and coordination in complex evolving economies

Relationship Between Inflation and Real Economic Growth in Rwanda

A critical realist interpretation of evolutionary growth theorising

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