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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