Different sources of uncertainty are analysed and a representation of decision-making in principle consistent with behavioural evidence is proposed. The endogenous emergence of "innovations," in the forms of unexpected events and novel behaviors is also examined.

The conventional view of Malthus is one of a reactionary who failed to understand how innovation could refute his pessimism about population and economic growth. This article aims to show that this is quite incorrect, and has arisen primarily through failing to interpret Malthus as an...

This paper presents a model of a firm's R&D behavior over an entire product life cycle. Beginning with the search stage, modelled as a patent race, firms raise their R&D expenditures until one firm succeeds with a technological breakthrough in creating a new product market. The following R&D...

In this paper it is suggested that techno-economic paradigms should not only be considered as means of coordination among the producers of technological knowledge but also as means of coordination between groups of producers and users of specific types of artefacts, as shared specifications of...

The contribution deals with a nonlinear dynamic macro-economic model which is used for simulation runs. Conditions and model specifications allowing for global stability are investigated and tested. Based on this some well-known facts as Schumpeterian long-wave phenomena, Keynesian unemployment,...

Since the 1930s, there have been few attempts to recast long wave theory and address the problems raised by Schumpeter's and Kuznets' models; most work has been empirical. This paper uses an inter-industrial analytical framework to explain stagnation, downswing and recovery. The proposed...

The neoclassical approach to innovation is based on its economic advantages and thus in a strict sense seems to be applicable only to incremental innovations with a low degree of novelty. It is contended in this paper that so-called generic innovations, which are more important to the...