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A model of the innovation-adaptation mechanism driving economic dynamics: a micro representation

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  • Angelo Fusari

Abstract

The model that this paper sets out is based on a combination of the Schumpeterian creative destruction and the neo-Austrian notion of market process. It gives a formalization of the succession innovation-structural organization and its endogenous mechanism, crucial to explain economic growth and development. More in particular, the essay gives an explanation of innovation, endogenous uncertainty and describes the way equilibrating and disequilibrating processes are intertwined and operate. It also shows that a representation of this dynamic competition process cannot do without some appropriate development on entrepreneurship and its links with uncertainty. Finally, some simulations with the proposed model are provided Copyright Springer-Verlag Berlin/Heidelberg 2005

Suggested Citation

  • Angelo Fusari, 2005. "A model of the innovation-adaptation mechanism driving economic dynamics: a micro representation," Journal of Evolutionary Economics, Springer, vol. 15(3), pages 297-333, August.
    • Handle: RePEc:spr:joevec:v:15:y:2005:i:3:p:297-333
    DOI: 10.1007/s00191-005-0246-z
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    Citations

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    Cited by:

    1. Fusari, Angelo, 2013. "Radical Uncertainty, Dynamic Competition and a Model of the Business Cycle," MPRA Paper 74015, University Library of Munich, Germany, revised Mar 2013.
    2. Fusari, Angelo & Pellissier, Murray, 2008. "Some new indicators and procedure to get additional information from the Business Tendency Surveys," MPRA Paper 75170, University Library of Munich, Germany, revised Oct 2008.
    3. Fusari, Angelo, 2016. "A New Economics for Modern Dynamic Economies," MPRA Paper 74008, University Library of Munich, Germany, revised 2016.
    4. Fusari, Angelo, 2014. "An Explanation of Economic Change and Development," MPRA Paper 60042, University Library of Munich, Germany, revised 2014.
    5. Fusari, Angelo, 2014. "The Contrast between Mainstream and Heterodox Economics: A Misleading Controversy—“Necessary” System versus “Natural” System," MPRA Paper 60097, University Library of Munich, Germany, revised Jul 2014.
    6. Fusari, Angelo, 2015. "The question of the firm. Organizational forms and dimensions," MPRA Paper 74177, University Library of Munich, Germany, revised 2015.
    7. Fusari, Angelo & Reati, Angelo, 2013. "Endogenizing technical change: Uncertainty, profits, entrepreneurship. A long-term view of sectoral dynamics," Structural Change and Economic Dynamics, Elsevier, vol. 24(C), pages 76-100.

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