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Title:Diversity structure of the Schumpeterian evolution: An axiomatic approach PDF Logo
Authors:Malawski, Andrzej
Wörter, Martin
Issue Date:2006
Series/Report no.:Arbeitspapiere // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 153
Abstract:The purpose of the paper is to impose the diversity structure on the Schumpeterian evolution modelled axiomatically within a dynamical system approach to the Arrow-Debreu theory of general equilibrium. In this framework two basic forms of economic life studied by Schumpeter, i.e., the circular flow and economic development are investigated as specific properties of a dynamic system, where single production systems being the parts of the Debreu models change in the definite environment according to the rules of the Schumpeterian evolution. Moreover, the Sterling diversity-triplet concept based on subcategories of variety, balance and disparity, is slightly modified and applied to serve as a tool for rigorous analysis of innovative and cumulative changes in production system with respect to diversity structure. Finally, integrating diversity aspects into a dynamic system approach, the study identifies innovative processes as the source of growing diversity in the Schumpeterian vision of economic development.
Subjects:diversity
Schumpeterian evolution
Arrow-Debreu theory
dynamic system approach
JEL:D50
O30
Persistent Identifier of the first edition:doi:10.3929/ethz-a-005277211
Document Type:Working Paper
Appears in Collections:KOF Working Papers, KOF Konjunkturforschungsstelle, ETH Zürich

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