Exploring Schumpeterian Dynamics: Innovation, Adaptation and Growth
In this paper we explore the interface between two quite different strands of economic thought, the Schumpeterian, evolutionary theory of innovation and economic adaptation, and the classical, Sraffian theory of prices and distribution. Can the two methods usefully speak to each another? If they can, we would have in prospect a more general evolutionary economics (GEE) in which the classical emphasis on production of commodities by means of commodities would allow a far more sophisticated analysis of the place of technical change in economic development. Our understanding of the connection between innovation, competition, development and growth would be enhanced and sharpened.