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The Evolutionary Complexity of Endogenous Innovation - The Engines of the Creative Response (Hardcover)
Loot Price: R3,146
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The Evolutionary Complexity of Endogenous Innovation - The Engines of the Creative Response (Hardcover)
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The notion of endogenous innovation as the outcome of the creative
response of firms to out-of-equilibrium conditions is the
cornerstone of the new evolutionary complexity. In this book,
Cristiano Antonelli elaborates, applies and tests, with his
colleagues, the Schumpeterian framework established in the author?s
previous work Endogenous Innovation: The Economics of an Emergent
System Property. The author carefully explores the role of the
reactivity of firms to out-of-equilibrium conditions with a unique
mix of econometric tools and simulation techniques. He examines the
central role of knowledge externalities in shaping the likelihood
of creative responses, and hence the generation of new knowledge
and the introduction of innovations, as an alternative to adaptive
responses that lead the system to equilibrium with no growth. In so
doing, he confirms that innovation is the outcome of the
interaction between individual decision-making and the endogenous
and path-dependent properties of the system into which firms are
embedded. This original and insightful work will be required
reading for all those working on evolutionary economics, complexity
economics, and the economics of innovation and knowledge.
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