Abstract
Economic growth viewed as evolution of economic systems is a new paradigm developed in the last two decades. This paradigm is a challenge to the neoclassical models of growth. It has three major facets. The first is the emphasis on dynamic capability and core competence as the basic forces of economic change. The second is the Schumpeterian model of “innovations” where the “entrepreneur” plays an active role in creating new combinations in the production and marketing process. The third is the economic application of the generic theory of evolution, where the principle of survival of the fittest is applied to explain industry growth.
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Sengupta, J. (2011). Evolutionary Economics. In: Understanding Economic Growth. Springer, New York, NY. https://doi.org/10.1007/978-1-4419-8026-7_7
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DOI: https://doi.org/10.1007/978-1-4419-8026-7_7
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