1,722,407 research outputs found
Exploitation, Exploration and Innovation in a Model of Endogenous Growth with Locally Interacting Agents
No full textIntroduction: Chris Freeman's "History, Co-Evolution and Economic Growth": An affectionate reappraisal
Full text linkWe maintain that Chris Freeman's approach to the study of the interplay between technical change and economic growth is still a very fertile source of insights. Alas, in much of mainstream research Freeman's contribution is hardly considered. We show that this is a result of the basic assumptions of neoclassical growth theory (both "old"and "new") that prevent a pregnant treatment of technical and institutional change. We conclude that if we want to make real progress with understanding the longrun dynamics of capitalist systems, Freeman's "reasoned history"is an invaluable starting point
Substantive and Procedural Uncertainty: An Exploration of Economic Behaviours in Changing Environments
No full textOrganization and strategy in the evolution of enterprise
No full textThis work examines the role of comptetence, organization and strategies of firms in industrial dynamics linking eceonomic, management and historical persectives. In the first part of the book, a series of economic and managerial contributions discuss the concepts, dimensions and effects of routines, competence, adaptation, learning, organizational structure and strategies in the evolution of industrial enterprises at the theoretical and empirical levels. In the second part of the book, a series of historical papers examine these issues in a long-term perspective for the United States, Japan and several European countries.
Show more
Show les
Exploring the Unknown on Entrepreneurship, Coordination and Innovation Driven Growth
No full textNotwithstanding the revival of attention recently displayed by the economic discipline about self-sustained processes of economic growth fueled by technological advances, an enormous gap still remains between what we historically know about technical change and its economic exploitation, on the one hand, and the ways we represent them in formal growth models, on the other. Building on some general properties of the empirical patterns of innovation and diffusion that seem to be neglected in a good deal of contemporary growth literature, we present a stylized computer-simulated model in which self-sustained growth appears as the outcome of a coordination process among heterogeneous agents locally interacting in a decentralized economy characterized by: (i) notionally endless opportunities of endogenously introducing innovations; (ii) path-dependency in learning achievements; (iii) dynamic increasing returns grounded upon collectively shared 'learning paradigms'.
By means of extensive Montecarlo-like studies, we show that the model is able to generate GNP time-series exhibiting the statistical properties displayed by empirically observable data. Finally, we show simple but quite general settings in which collective economic growth finds its necessary condition in the presence of a number of 'irrationally' entrepreneurial agents
- …
