Foundations of Economic Change: A Schumpeterian View on Behaviour, Interaction and Aggregate Outcomes [Hardcover]

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 complemented by econometric studies to demonstrate the relevance of evolutionary-economic thinking to improve our understanding of the most challenging issues related to economic growth and development.

Introduction.- Part 1 Foundations of Economic Change.- Foundations of economic changean extended Schumpeterian approach.- Behavior and Cognition of Economic Actors in Evolutionary Economics.- Upward and downward complementarity: The meso core of evolutionary growth theory.- Part 2: Aggregate Outcomes.- Global Dynamics, Capabilities and the Crisis.- Convergence or Divergence: A Nonparametric Analysis on Chinas Regional Disparity.- Micro to Macro Evolutionary Modeling  On the economics of self-organization of dynamic markets by ignorant actors.- Firms Navigating Through Innovation Spaces: A Conceptualization.- A Proposal for a National Innovation System plus Subjective Well Being Approach and an Evolutionary Systemic Normative Theory of Innovation.- Part 3: Behaviour.- The reason why seemingly fit firms do not necessarily grow: Confounded economic selection and how to measure it.- The roots of growth: entrepreneurship, innovation and the capitalist firm.- The Journey of Innovation From Incremental to Radical Innovation and HighTech Innovation Cascades.- Schumpeterian incumbents and industry evolution.- Incremental by Design? On the Role of Incumbents in Technology Niches An Evolutionary Network Analysis.- Entrepreneurs Overoptimism during the early Lifel,