The paper analyses the properties and outcomes of competitive dynamics in industries characterized by heterogeneous firms and continuing stochastic entry. A formal analytical apparatus is developed, able to derive some generic properties of the underlying competition process combining persistent...

The paper analyses some general dynamic properties of industries characterized by heterogeneous firms and continuing stochastic entry. After a brief critical assessment of some significant drawbacks of recent contributions to modeling of stochastic industrial dynamics, we propose a novel...

This work is an attempt, first, to outline the basic building blocks of evolutionary theory in economics and, second, to offer a comparative assessment of different strands of literature which call upon evolutionary ideas of some sort. We sketch out what we consider to be the main results...

Production theory in the neoclassical tradition is strong on Abstract generality. Its high level of Abstraction tends to impede understanding of technological change, partly because its perspective on production differs so much from those of engineers, managers and technologists. A more grounded...

This note expounds the abstract fundamentals of the appropriability problem, re-assessing insights from three classic contributions those of Schumpeter, Arrow and Teece. Whereas the first two contributions were explicitly concerned with the implications of appropriability for society at large,...

This paper offers a sketch of what an economic theory of the firm would look like if it were founded on the thought of Joseph Schumpeter, particularly on Chapters 1-2 of his Theory of Economic Development. Schumpeterian analysis requires an intuitively appealing and realistic conceptualization...

This essay first reviews what Nelson and Winter were trying to accomplish when they put forward An Evolutionary Theory of Economic Change (Belknap Press, Harvard, 1982). It then does a fast-forward to controversies and contributions in the recent past, and speculates on where the intellectual...