n African Journal of Science, Technology, Innovation and Development - Developing evolutionary economics theory : personal reflections : research notes / commentaries

Volume 1, Issue 2_3
  • ISSN : 2042-1338
  • E-ISSN: 2042-1346
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Throughout my career my central interest has been long run economic change, economic development broadly defined. Relatively early in my studies I became convinced of several things. First, that economic development was driven by the co-evolution of technologies, and modes of organizing and governing economic activity. Second, that the dynamic processes involved were not consistent with the continuing if moving equilibrium associated with maximizing behavior of economic agents that the emerging neo classical economic growth theory was assuming. Rather, as Schumpeter (and before him Marx) had argued long ago continuing innovation, and the dynamic forces innovation set in train, was requiring economic agents to cope with changing contexts that they did not fully understand, and preventing the economy from settling down into any equilibrium.

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