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| Author: | Iwai, K. |
| Title: | A contribution to the evolutionary theory of innovation, imitation and growth |
| Journal: | Journal of Economic Behavior and Organization
2000 : OCT, VOL. 43:2, p. 167-198 |
| Index terms: | TECHNOLOGICAL CHANGE ACCOUNTING EVOLUTIONARY ECONOMICS |
| Language: | eng |
| Abstract: | This paper develops mathematically tractable evolutionary models that can be used to analyze the development of industrial structure as a dynamic process moved by complex interactions among innovations, imitations and investments of satisficing firms striving for survival and growth. It demonstrates that what the industry will approach in the long-run is not a neoclassical equilibrium of uniform technology but at best a statistical equilibrium of technological disequilibria which maintains a relative dispersion of efficiencies in a statistically balanced form. |
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