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The twelve papers in this collection grew out of the workshop on
"Eco nomic Evolution, Learning, and Complexity" held at the
University of Augsburg, Augsburg, Germany on May 23-25, 1997. The
Augsburg workshop was the second of two events in the
Euroconference Series on Evolutionary Economics, the first of which
was held in Athens, Greece in September 1993. A special issue of
the Journal of Evolutionary Econo mics (1993(4)) edited by Yannis
Katsoulacos on "Evolutionary and Neo classical Perspectives on
Market Structure and Economic Growth" con tains selected papers
from the Athens conference. The Athens conference explored
neoclassical and evolutionary perspectives on technological
competition and increasing returns. It helped to identify the dis
tinguishing features of evolutionary scholarship. The Augsburg
workshop was more oriented toward exploring methodological issues
in evolutiona of the papers employed new me ry and related
scholarship. A number thods, such as genetic programming and
experimental analysis, some developed new econometric techniques or
raised new empirical issues in evolutionary economics, and some
relied on simulation techniques. Twelve papers covering a range of
areas were selected for this collection. The papers address central
issues in evolutionary and Schumpeterian accounts of industrial
competition, learning, and innovation."
For much of the twentieth century, American corporations led the
world in terms of technological progress. Why did certain
industries have such great success? Experimental Capitalism
examines six key industries--automobiles, pneumatic tires,
television receivers, semiconductors, lasers, and penicillin--and
tracks the highs and lows of American high-tech capitalism and the
resulting innovation landscape. Employing "nanoeconomics"--a deep
dive into the formation and functioning of companies--Steven
Klepper determines how specific companies emerged to become the
undisputed leaders that altered the course of their industry's
evolution. Klepper delves into why a small number of firms came to
dominate their industries for many years after an initial period of
tumult, including General Motors, Firestone, and Intel. Even though
capitalism is built on the idea of competition among many, he shows
how the innovation process naturally led to such dominance. Klepper
explores how this domination influenced the search for further
innovations. He also considers why industries cluster in specific
geographical areas, such as semiconductors in northern California,
cars in Detroit, and tires in Akron. He finds that early leading
firms serve as involuntary training grounds for the next generation
of entrepreneurs who spin off new firms into the surrounding
region. Klepper concludes his study with a discussion of the impact
of government and the potential for policy to enhance a nation's
high-tech industrial base. A culmination of a lifetime of research
and thought, Experimental Capitalism takes a dynamic look at how
new ideas and innovations led to America's economic primacy.
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