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(2001) Capitalism and democracy in the 21st century, Heidelberg, Physica.
Post-Schumpeterians have tended to use biological analogies to understand economic evolution, in contrast to Schumpeter himself. In this paper it is argued that the biological analogies used tend to be outdated and that Schumpeter espoused an intuitive understanding of the evolutionary economic process that is closely related to modern conceptions of self-organisation, suitably adapted for application in socioeconomic systems. Using a self-organisation approach, competition can be understood without recourse to biological analogy, in terms of general systemic principles that operate in the presence of variety. Viewing economic evolution in terms of complex adaptation in self-organising systems yields nonequilibrium and nonlinear perspectives that parallel Schumpeter's own intuitions, reinvigorating them as the basis of evolutionary economic thinking in the new Millennium.
Publication details
DOI: 10.1007/978-3-662-11287-8_16
Full citation:
Foster, J. (2001)., Competitive selection, self-organisation and Joseph a. Schumpeter, in D. C. Mueller & U. Cantner (eds.), Capitalism and democracy in the 21st century, Heidelberg, Physica, pp. 317-334.
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