Abstract
The central role of economic policy in an evolutionary environment is stressed. Based on a Schumpeterian view the theoretical foundations of such a policy are discussed. This investigation leads to the result that not general rules satisfying and maintaining equilibrium are required but a constant watchfulness, reaction, and, if possible, anticipation of what happens in the economy.
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Brock WA, Sayers C. Is the business cycle characterized by deterministic chaos? (Unpublished manuscript)
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Revised and extended version of a lecture given at the Universities of Augsburg and Munich in the spring of 1990. I want to thank Professor Karl W. Roskamp, for a critical reading of an earlier draft. My special thanks are due to my colleague Carl Simon, Professor of Mathematics and Economics at The University of Michigan, who helped me in an essential way with my understanding of what the latest developments in the analysis of dynamic systems are all about.
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Stolper, W.F. The theoretical bases of economic policy: the Schumpeterian perspective. J Evol Econ 1, 189–205 (1991). https://doi.org/10.1007/BF01237909
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DOI: https://doi.org/10.1007/BF01237909