Evolutionary economists have tended to assess firms and industries separately, neglecting the role of their interaction … in the process of economic growth and development. We trace the separation of firms and industries to Marshall, whose … industries. Penrose avoids the industry concept by focussing on heterogeneous firms, while Young and Steindl develop mundane …

labour saving in all industries, but that the rate of change and the degree of bias towards saving labour, rather than … capital or material, varies substantially across industries …

manufacturing industries. In the estimated model, profit is used as a measure of the ability to invest, and the rate of technical …