Modern economies have undergone a dramatic change. There has been a
shift from large scale material manufacturing to the design and
application of new technology with R&D and human capital. The
new information age has introduced significant productivity gains
through increasing returns and learning by doing, which has
challenged the traditional growth models based on competitive
market structures. Institutions outside the traditional markets and
the genetic principle of survival of the fittest have dominated the
current theory of industry growth. This book coordinates and
integrates the two strands of economic growth and development: the
endogenous theory of growth and the extra-market models of
evolutionary economics dominated by innovation efficiency. It
presents this new paradigm in terms of both theory and historical
experiences. The book addresses the role of innovations and human
capital, the impact of information technology, the role of
institutions as mechanisms of evolutionary economies and the
experiences of Asian growth miracles, and will be of interest to
readers in economics and political science concerned with economic
growth and development.
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