Competitive selection, self-organisation and Joseph A. Schumpeter |
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Authors: | John Foster |
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Institution: | (1) Department of Economics, University of Queensland, Brisbane, QLD 4072, Australia (e-mail: foster@commerce.uq.edu.au), AU |
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Abstract: | Post-Schumpeterians have tended to use biological analogies to understand economic evolution, in contrast to Schumpeter himself.
In this paper it is argued that the biological analogies used tend to be outdated and that Schumpeter espoused an intuitive
understanding of the evolutionary economic process that is closely related to modern conceptions of self-organisation, suitably
adapted for application in socioeconomic systems. Using a self-organisation approach, competition can be understood without
recourse to biological analogy, in terms of general systemic principles that operate in the presence of variety. Viewing economic
evolution in terms of complex adaptation in self-organising systems yields nonequilibrium and nonlinear perspectives that
parallel Schumpeter's own intuitions, reinvigorating them as the basis of evolutionary economic thinking in the new Millennium. |
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Keywords: | : Joseph A Schumpeter – Self-organisation – Competition – Selection – Evolutionary economics – Biological analogy – Nonequilibrium process – Nonlinear discontinuity |
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