The view of dynamic capabilities in evolutionary economics as being based on capabilities comprised of routines has so far precluded their integration in evolutionary economics. This Element contributes to such integration by introducing the dynamic metacapabilities framework. Borrowing from quantum mechanics, dynamic metacapabilities assume that resources and capabilities, rather than being created ex-nihilo, result from bundles of information 'decohering ' to bundles of resources and cap...

The Routledge International Handbook of Complexity Economics covers the historical developments and early concerns of complexity theorists and brings them into engagement with the world today.In this volume, a distinguished group of international scholars explore the state of the art of complexity economics, and how it may deliver new and relevant insights to the challenges of the 21st century. Complexity science started in 1899 when Henri Poincaré described the three-body...

While dating from post-Classical economists such as Thorstein Veblen and Joseph Schumpeter, the inception of the modern field of evolutionary economics is usually dated to the early 1980s. Broadly speaking, evolutionary economics sees the economy as undergoing continual, evolutionary change. Evolutionary change indicates that these changes were not planned, but rather were the result of innovations and selection processes. These often involved winners and losers, but most importantly, they...

This volume presents selected contributions from the 2018 conference of the International Schumpeter Society (ISS). The selected chapters in this volume reflect the state-of-the-art of Schumpeterian economics dedicated to the three conference topics innovation, catch-up, and sustainability. Innovation is driving catch-up processes and is the condition for a transformation towards higher degrees of sustainability. Therefore, Schumpeterian economics has to play a key role in these most chall...

Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of Richard Nelson and Sidney Winter's seminal book, An Evolutionary Theory of Economic Change, first published in 1982. In this long-awaited follow-up, Nelson is joined by leading figures in the field of evo...

This book is at the cutting edge of the ongoing research in bioeconomy and encompasses both technological and economic strategies to master the transformation towards a knowledge- and bio-based production system. The volume combines different international perspectives with approaches of the various fields of research. Bioeconomy is one of the future concepts of an economy which, while based on renewable biological resources, also predicts economic growth. Starting from a growth-economic a...

This book discusses the influence of technological and institutional change on development and growth, the impact on innovation of labor markets, the spatial distribution of innovation dynamics, and the meaning of knowledge generation and knowledge diffusion processes for development policies. The individual articles demonstrate the powerful possibilities that emerge from the toolkit of evolutionary and Schumpeterian economics. The book shows that evolutionary economics can be applied to t...

This book is at the cutting edge of the ongoing ‘neo-Schumpeterian’ research program that investigates how economic growth and its fluctuation can be understood as the outcome of a historical process of economic evolution. Much of modern evolutionary economics has relied upon biological analogy, especially about natural selection. Although this is valid and useful, evolutionary economists have, increasingly, begun to build their analytical representations of economic evolution on understan...

The book gives an overview of important research topics recently addressed in evolutionary Neo-Schumpeterian Economics. The list of research questions and applications of Neo-Schumpeterian reasoning impressively demonstrates the rich possibilities ranging from theoretical issues addressing human behaviour to applied areas like the emergence of biotechnology in developing countries, the role of innovation on financial markets and the R&D strategies of multinational enterprises. The chapters...

Innovation and finance are in a symbiotic and twin-track relationship: a well-functioning financial system spurs innovation by identifying and funding stimulating entrepreneurial activities which trigger economic growth. Innovations also open up profitable opportunities for the financial system. These mutual dynamics cause and need innovative adaptations in the financial system in order to better deal with the changing requirements of a knowledge-based economy. The volume comprises differe...

The book illustrates the considerable advances in modern evolutionary economics and addresses core questions of economic behaviour, interaction of heterogeneous actors in uncertain environments and the possibility of aggregating observations on a macro-economic level. It presents the foundations of economic change as the major building blocks of an economic approach that focusses on complex processes driven by endogenous innovation as well as crisis. The theoretical considerations are comp...

The competitiveness of firms, regions and countries greatly depends on the generation, dissemination and application of new knowledge. Modern innovation research is challenged by the need to incorporate knowledge generation and dissemination processes into the analysis so as to disentangle the complexity of these dynamic processes. With innovation, however, strong uncertainty, nonlinearities and actor heterogeneity become central factors that are at odds with traditional modeling technique...