Journal of Evolutionary Economics

, Volume 26, Issue 4, pp 701–736 | Cite as

Foundations of economic change—an extended Schumpeterian approach

Regular Article
First Online:

Abstract

This paper employs the Schumpeterian approach to the development of economies in order to identify the core building blocks of a theory of endogenous economic change. Borders and insights are widened by combining concepts and findings from behavioral economics, from evolutionary economics, and from complexity economics. Actor heterogeneity, on the one hand, and mechanisms of actors’ interaction, on the other, are suggested to be fundamental elements of that theory. Theoretical analyses and empirical accounts are presented, achievements are discussed, and further avenues of research are suggested.

Keywords

Innovation Actor heterogeneity Competition Cooperation Replicator dynamics 

JEL classification

O31 O33 L16 D21 
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Notes

Acknowledgments

This paper was the basis for the presidential address of the International Joseph A. Schumpeter Society held during the 15th Schumpeter Conference in Jena, July 30, 2014. The author thanks the audience for helpful questions and comments. Further thanks go to my collaborators at the Chair of Economics at the Friedrich Schiller University Jena, Holger Graf, Maximilian Göthner, Simone Vannuccini, Sebastian Döll, Johannes Herrmann, Susanne Hinzmann, Martin Kalthaus, Peggy Kelterborn, Stefanie Picard, Ivan Savin, Stefan Töpfer, and Tina Wolf, as well as all the doctoral students and colleagues in the DFG Graduate School GRK 1411 “The Economics of Innovative Change” and the International Max Planck Research School on Uncertainty. Special thanks go to Simone Vannuccini who devoted a lot of effort and time in critically commenting on the manuscript. Thanky to Chuck McCann for the English editing. Last not least, I am grateful for the financial support via the DFG GRK 1411 “The Economics of Innovative Change”. The usual caveats apply.

Compliance with ethical standards

There are no potential conflicts of interest involved.

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Authors and Affiliations

  1. 1.Department of Economics and Business AdministrationFriedrich Schiller University JenaJenaGermany
  2. 2.Centre for Integrative Innovation Management, Department of Marketing & ManagementUniversity of Southern DenmarkOdenseDenmark

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