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Malawski, Andrzej
Wörter, Martin
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Arbeitspapiere // Konjunkturforschungsstelle, Eidgenössische Technische Hochschule Zürich 153
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.
Schumpeterian evolution
Arrow-Debreu theory
dynamic system approach
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Working Paper

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