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Journal of Evolutionary Economics

, Volume 15, Issue 3, pp 297–333 | Cite as

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

  • Angelo FusariEmail author
Article

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

Keywords:

Entrepreneurship Innovation Uncertainty Cycle Growth and development 

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Copyright information

© Springer-Verlag Berlin/Heidelberg 2005

Authors and Affiliations

  1. 1.Istituto di Studi e Analisi Economica (ISAE)RomaItaly

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