Evolutionary and Neo-Schumpeterian Approaches to Economics

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This volume presents the interrelationships and possible connecting threads between two recent attempts within economic theory to step out of the mainstream of conventional neoclassical wisdom: evolutionary and neo-Schumpeterian theory. Neo-Schumpeterian and evolutionary approaches to economics present a challenge to conventional neoclassical orthodoxy. They provide new insights into how markets function, how innovations are carried out, how technologies change, and how growth occurs in existing real economies. The two fields of theory and research in which these approaches have proven especially fruitful are the role of innovation for economic change and development and the theory of the firm.