While Schumpeter’s broad theory of how capitalist economies worked articulated in his Theory of Economic Development received strong attention in his lifetime, it was neoclassical economic theory that took hold of the profession in the last half of the twentieth century, and today few...

Since the time of Marshall economists have used the constructs of demand and supply curves in their explanation and analyses of how markets determine prevailing prices and the allocation of resources among different lines of economic activity. Today almost all expositions and interpretations of...

Interaction among autonomous decision-makers is usually modelled in economics in game-theoretic terms or within the framework of General Equilibrium. Game-theoretic and General Equilibrium models deal almost exclusively with the existence of equilibria and do not analyse the processes which...

This paper presents an evolutionary microeconomic theory of innovation and production and discusses its implications for development theory. Using the notions of technological paradigm and trajectory, it develops an alternative view of firm behavior and learning. It is shown then how these are...

This paper presents the basic ideas and methodologies of a set of contemporary contributions which are grouped under the general heading of "evolutionary economics." Some achievements--especially with regard to the analysis of technological change and economic dynamics--are illustrated, some...