Schumpeterian endogenous growth theory and evolutionary economics |
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Authors: | Email author" target="_blank">Alain?AlcouffeEmail author Thomas?Kuhn |
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Institution: | (1) LIHRE/CNRS, University of Toulouse 1, 31042 Toulouse cedex, France;(2) Department of Economics and Business Administration, University of Technology Chemnitz, 09107 Chemnitz, Germany |
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Abstract: | In this paper, we aim to discuss whether Schumpeterian models of endogenous growth can accommodate Schumpeter s vision of development through creative destruction. Taking a methodological approach, our focus is on individual decision-making, technology, general equilibrium and welfare, and steady state dynamics as the fundamental principles underlying endogenous growth theory. In particular, the Aghion-Howitt model of Schumpeterian growth in various extended versions is analyzed in the light of Schumpeter s work. Therefore, we also try to root Schumpeter s work in historical context. We find endogenous growth theory far from carrying Schumpeter s idea of an evolutionary approach to change and development. Rather the emergence of numerous models of an evolutionary type can be observed to provide for the formal structure appropriate to keeping Schumpeter s legacy alive.JEL Classification:
B1, B2, B4, O3, O4Corespondence to: Thomas Kuhn |
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Keywords: | Endogenous growth theory Schumpeterian economics Evolutionary economics |
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