Abstract
In this paper we explore the interface between two quite different strands of economic thought, the Schumpeterian, evolutionary theory of innovation and economic adaptation, and the classical, Sraffian theory of prices and distribution. Can the two methods usefully speak to each another? If they can, we would have in prospect a more general evolutionary economics (GEE) in which the classical emphasis on production of commodities by means of commodities would allow a far more sophisticated analysis of the place of technical change in economic development. Our understanding of the connection between innovation, competition, development and growth would be enhanced and sharpened.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
References
Downie, J. (1958) The Competitive Process, London, Duckworth and Sons.
Kurz, H. D. and N. Salvadori (1995) Theory of Production, New York, Cambridge University Press.
Kurz, H. D. (1998) “Comments,” in J. S. Metcalfe, Evolutionary Economics and Creative Destruction, Routledge, London.
Kurz, H. D. (2008) “Innovation and Profits, Schumpeter and the Classical Heritage,” Journal of Economic Behavior & Organization 67: 263–278.
Matthen, M. and A. Ariew (2002) “Two Ways of thinking about Fitness,” The Journal of Philosophy 49.2: 55–83.
Metcalfe, J. S. (1998) Evolutionary Economics and Creative Destruction, London, Routledge.
Nelson, R. R. and S. Winter (1984) An Evolutionary Theory of Economic Change, Harvard, Belknap Press.
Nelson, R. R. (2005) “The Agenda for Growth Theory: a Different Point of View,” in R. R. Nelson (ed.) Technology, Institutions and Economic Growth, Cambridge (Mass), Harvard University Press.
Pack, H. and R. R. Nelson (1999) “The Asian Miracle and Modern Growth Theory,” The Economic Journal 109.457: 416–436.
Richards, F. J. (1959) “A Flexible Growth Function for Empirical Use,” Journal of Experimental Botany 10.2: 290–301.
Schumpeter, J. (1912/1934) The Theory of Economic Development, Oxford, Oxford University Press.
Schumpeter, J. (1934) Business Cycles, New York, McGraw Hill.
Sraffa, P. (1960) Production of Commodities by Means of Commodities, Cambridge, Cambridge University Press.
Stigler, G. J. (1957) “Perfect Competition, Historically Contemplated,” Journal of Political Economy 65.1: 1–17.
Author information
Authors and Affiliations
Corresponding author
Additional information
1) An earlier draft was completed when SM was visiting fellow at the School of Economics and Finance, Curtin University in March–April 2011, and substantially revised when both authors visited the Max Planck Institute of Economics in Jena, in early May 2011. They express their appreciation to their hosts in both institutions, Harry Bloch and Ulrich Witt, for valuable comments on earlier drafts. A version of this paper was read to the Graz Schumpeter Summer School in July 2013. The helpful comments of the two referees are acknowledged but we remain responsible for the manner in which their suggestions have been incorporated into this paper.
About this article
Cite this article
Steedman, I., Metcalfe, S. Exploring Schumpeterian Dynamics: Innovation, Adaptation and Growth. Evolut Inst Econ Rev 10, 149–178 (2013). https://doi.org/10.14441/eier.A2013009
Published:
Issue Date:
DOI: https://doi.org/10.14441/eier.A2013009