Long-run Economics An Evolutionary Approach to Economic Growth

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  • Format: Hardcover
  • Copyright: 2014-01-09
  • Publisher: Bloomsbury Academic
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A major problem of conventional economic theory as applied to long-run economic change is its unduly narrow and static character, which compromises its capacity to handle conceptually a social process inherently systemic, complex and dynamic. At the same time there is a growing realization in relevant government and industrial circles (reinforced by the example of Japan) that effective economic policy-making needs a strategic, and therefore a technological, content.

Long-Run Economics suggests a more realistic conceptual framework for the analysis of economic and technological change. Borrowing from other disciplines, such as sociology, psychology and biology, the authors develop a model that is evolutionary and systemic in character. Special emphasis is given to the role of information flows in the innovative process, while the overall argument is illustrated by two case studies, photovoltaics and fuel ethanol. Finally, the book stresses the strategic importance of science and technology policy and the role of appropriate institutions in facilitating long-run economic change.

Author Biography

Norman Clark is Professor of Innovation Systems and Development at the Open University, UK.

Calestous Juma is Professor of the Practice of International Development at the Harvard Kennedy School, Harvard University, USA.

Table of Contents

List of Tables and Figures
Part I: Introduction
1. Epistemological Issues
Part II: New Approaches to Technical Change
2. The Economistic Paradigm
3. Evolutionary Approaches in Conventional Economics
4. Conceptual Tools
5. Towards an Evolutionary Theory of Economic Change
Part III: Case Studies of Technological Systems
6. Development of Ethanol Technological Systems
7. The Evolution of Photovoltaic Technology
8. Postscript
Part IV: Conclusions
9. In the Long Run: Institutions and Systems

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