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Schumpeter's theory of economic evolution: a Darwinian interpretation
Authors:Matthias Kelm
Affiliation:(1) ESRC Centre for Business Research, Department of Applied Economics, University of Cambridge, Cambridge, UK, GB
Abstract:A general Darwinian framework is employed to arrive at an interpretation of Schumpeter's work that brings out clearly its specific evolutionary aspects. Schumpeter's theory of economic evolution is seen to be still highly relevant to evolutionary economics, because it sheds light on some fundamental issues: the relationship between evolutionary theory and equilibrium analysis, the usefulness of Darwinian theory for economics, and the precise nature of the evolutionary forces at work in economic systems.
Keywords:: Schumpeter  Darwin  Evolutionary theory  Equilibrium and evolution  Biology and economics
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