Evolution and new growth theories. Are they converging?

Journal of Economic Surveys

Volumn 21, Issue 3, 2007, Pages 585-627

  Castellacci, Fulvio ^a  

^a NORWEGIAN INSTITUTE OF INTERNATIONAL AFFAIRS NUPI   (Norway)

Author keywords

Economic growth; Evolutionary economics; Innovation; New growth theory

Indexed keywords

ECONOMIC GROWTH; ECONOMIC THEORY; GROWTH THEORY; INNOVATION;

EID: 34347222932     PISSN: 09500804     EISSN: 14676419     Source Type: Journal    
DOI: 10.1111/j.1467-6419.2007.00515.x     Document Type: Review

References (139)

1. Abramovitz, M. (1986) Catching-up, forging ahead and falling behind. Journal of Economic History 46: 385-406.
2. Abramovitz, M. (1994) The origins of the postwar catch-up and convergence boom. In J. Fagerberg, B. Verspagen and N. von Tunzelmann (eds), The Dynamics of Technology, Trade and Growth. Aldershot: Edward Elgar.
3. Aghion, P. and Howitt, P. (1992) A model of growth through creative destruction. Econometrica 60: 323-351.
4. Aghion, P. and Howitt, P. (1998) Endogenous Growth Theory. Cambridge, MA: MIT Press.
5. Alchian, A.A. (1951) Uncertainty, evolution, and economic theory. Journal of Political Economy 58: 211-222.
6. Andersen, E.S. (1994) Evolutionary Economics, Post-Schumpeterian Contributions. London: Pinter.
7. Archibugi, D. and Michie, J. (1998) Technical change, growth and trade: new departures in institutional economics. Journal of Economic Surveys 12 (3): 313-332.
8. Arrow, K. (1962) The economic implications of learning by doing. Review of Economic Studies 29: 155-173.
9. Arthur, W.B. (1994) Increasing Returns and Path Dependence in the Economy. Ann Arbor, MI: University of Michigan Press.
10. Auerbach, P. and Siddiki, J.U. (2004) Financial liberalisation and economic development: An assessment. Journal of Economic Surveys 18 (3): 231-265.
11. Azariadis, C. and Drazen, A. (1990) Threshold externalities in economic development. Quarterly Journal of Economics 105: 501-526.
12. Barro, R. (1991) Economic growth in a cross-section of countries. Quarterly Journal of Economics 106: 407-443.
13. Barro, R. and Sala-i-Martin, X. (1995) Economic Growth. Boston, MA: McGraw-Hill.
14. Baumol, W.J. (1986) Productivity growth, convergence and welfare: What the long-run data show. American Economic Review 76 (5): 1072-1085.
15. Baumol, W.J. (1994) Multivariate growth patterns: Contagion and common forces as possible sources of convergence. In W.J. Baumol, R.R. Nelson and E.N. Wolff (eds), Convergence of Productivity: Cross-National Studies and Historical Evidence. Oxford: Oxford University Press.
16. Baumol, W.J. and Wolff, E.N. (1988) Productivity growth, convergence and welfare: Reply. American Economic Review 78 (5): 1155-1159.
17. Baumol, W.J., Batey Blackman, S.A. and Wolff, E.N. (1989) Productivity and American Leadership: The Long View. Cambridge, MA: MIT Press.
18. Boldrin, M. and Woodford, M. (1990) Equilibrium models displaying endogenous fluctuations and chaos. Journal of Monetary Economics 25: 189-222.
19. Bresnahan, T. and Trajtenberg, M. (1995) General purpose technologies: 'engines of growth'? Journal of Econometrics 65: 83-108.
20. Cappelen, A., Castellacci, F., Fagerberg, J. and Verspagen, B. (2003) The impact of regional support on growth and convergence in the European Union. Journal of Common Market Studies 41 (4): 621-644.
21. Carlaw, K.I. and Lipsey, R.G. (2003) Productivity, technology and economic growth: What is the relationship? Journal of Economic Surveys 17 (3): 457-495.
22. Chiaromonte, F. and Dosi, G. (1993) Heterogeneity, competition, and macroeconomic dynamics. Structural Change and Economic Dynamics 4: 39-63.
23. Chui, M., Levine, P., Murshed, S.M. and Pearlman, J. (2002) North-south models of growth and trade. Journal of Economic Surveys 16 (2): 123-165.
24. Conlisk, J. (1989) An aggregate model of technical change. Quarterly Journal of Economics 104: 787-821.
25. Cornwall, J. (1977) Modern Capitalism, its Growth and Transformations. London: Martin Robertson.
26. David, P. (1985) Clio and the economics of QWERTY. American Economic Review 75: 332-337.
27. De Long, J.B. (1988) Productivity growth, convergence and welfare: comment. American Economic Review 78 (5): 1138-1154.
28. Dosi, G. (1982) Technological paradigms and technological trajectories. Research Policy 11: 147-162.
29. Dosi, G. (1997) Opportunities, incentives and the collective patterns of technological change. Economic Journal 107: 1530-1547.
30. Dosi, G. and Fabiani, S. (1994) Convergence and divergence in the long-term growth of open economies. In G. Silverberg and L. Soete (eds), The Economics of Growth and Technical Change: Technologies, Nations, Agents. Aldershot: Edward Elgar.
31. Dosi, G. and Winter, S. (2000) Interpreting economic change: Evolution, structures and games. LEM Working Paper 2000/08.
32. Dosi, G., Pavitt, K. and Soete, L. (1990) The Economics of Technical Change and International Trade. London: Harvester Wheatsheaf.
33. Dosi, G., Fabiani, S., Aversi, R. and Meacci, M. (1994) The dynamics of international differentiation: A multi-country evolutionary model. Industrial and Corporate Change 3: 225-241.
34. Durlauf, S.N. and Johnson, P.A. (1995) Multiple regimes and cross-country growth behaviour. Journal of Applied Econometrics 10: 365-384.
35. Edquist, C. (2005) National systems of innovation. In J. Fagerberg, D.C. Mowery and R.R. Nelson (eds), The Oxford Handbook of Innovation. Oxford: Oxford University Press.
36. Edquist, C. and Johnson, B. (1997) Institutions and organizations in systems of innovations. In C. Edquist (ed.), Systems of Innovation: Technologies, Institutions and Organisations. London and Washington, DC: Pinter.
37. Elster, J. (1983) Explaining Technical Change. Cambridge: Cambridge University Press.
38. Fagerberg, J. (1987) A technology gap approach to why growth rates differ. Research Policy 16: 87-99.
39. Fagerberg, J. (1988) International competitiveness. Economic Journal 98: 355-374.
40. Fagerberg, J. (1994) Technology and international differences in growth rates. Journal of Economic Literature 32: 1147-1175.
41. Fagerberg, J. (2003) Schumpeter and the revival of evolutionary economics: An appraisal of the literature. Journal of Evolutionary Economics 13: 125-159.
42. Fagerberg, J. and Godinho, M.M. (2005) Innovation and catching-up. In J. Fagerberg, D.C. Mowery and R.R. Nelson (eds), The Oxford Handbook of Innovation. Oxford: Oxford University Press.
43. Fagerberg, J. and Verspagen, B. (1996) Heading for divergence? Regional growth in Europe reconsidered. Journal of Common Market Studies 34: 431-448.
44. Fagerberg, J. and Verspagen, B. (2002) Technology-gaps, innovation-diffusion and transformations: An evolutionary interpretation. Research Policy 31: 1291-1304.
45. Fagiolo, G. and Dosi, G. (2003) Exploitation, exploration and innovation in a model of endogenous growth with locally interacting agents. Structural Change and Economic Dynamics 14 (3): 237-273.
46. Fine, B. (2000) Endogenous growth theory: A critical assessment. Cambridge Journal of Economics 24: 245-265.
47. Freeman, C. (1983) Long Waves in the World Economy. London: Pinter.
48. Freeman, C. (1984) Prometheus unbound. Futures October: 490-500.
49. Freeman, C. (1987) Technology Policy and Economic Performance: Lessons from Japan. London: Pinter.
50. Freeman, C. (1994) The economics of technical change. Cambridge Journal of Economics 18: 463-514.
51. Freeman, C. and Louça, F. (2001) As Time Goes By: From the Industrial Revolution to the Information Revolution. Oxford: Oxford University Press.
52. Freeman, C., Clark, J. and Soete, L. (1982) Unemployment and Technical Innovation. London: Pinter.
53. Galor, O. (1996) Convergence?Inferences from theoretical models. Economic Journal 106: 1056-1069.
54. George, D. and Oxley, L. (1999) Robustness and local linearisation in economic models. Journal of Economic Surveys 13 (5): 529-550.
55. George, D., Oxley, L. and Carlaw, K. (2004) Surveys in Economic Growth: Theory and Empirics. Oxford: Blackwell.
56. Gerschenkron, A. (1962) Economic Backwardness in Historical Perspective. Cambridge, MA: Harvard University Press.
57. Gibson, T.L.J. and Oxley, L. (2003) Cost- and income-based measures of human capital. Journal of Economic Surveys 17 (3): 271-307.
58. Gillmann, M. and Kejak, M. (2005) Contrasting models of the effect of inflation on growth. Journal of Economic Surveys 19 (1): 113-136.
59. Greiner, A., Semmler, W. and Gong, G. (2005) The Forces of Economic Growth: A Time Series Perspective. Princeton, NJ: Princeton University Press.
60. Grossman, G.M. and Helpman, E. (1990) Comparative advantages and long run growth. American Economic Review 80: 796-815.
61. Grossman, G.M. and Helpman, E. (1991) Quality ladders in the theory of growth. Review of Economic Studies 58: 86-91.
62. Habakkuk, H.J. (1962) American and British Technology in the Nineteenth Century. Cambridge: Cambridge University Press.
63. Heertje, A. (1993) Neo-Schumpeterians and economic theory. In L. Magnusson (ed.), Evolutionary Approaches to Economic Theory. Dordrecht: Kluwer.
64. Helpman, E. (ed.) (1998) General Purpose Technologies and Economic Growth. Cambridge, MA: MIT Press.
65. Hodgson, G. (1993) Economics and Evolution: Bringing Life Back into Economics. Cambridge, MA: MIT Press.
66. Hodgson, G. (1997) The evolutionary and non-Darwinian economics of Joseph Schumpeter. Journal of Evolutionary Economics 7 (2): 131-145.
67. Hodgson, G. (1998) The approach of institutional economics. Journal of Economic Literature 36: 166-192.
68. Islam, N. (1995) Growth empirics: A panel data approach. Quarterly Journal of Economics 110: 1127-1170.
69. Islam, N. (2003) What have we learnt from the convergence debate? Journal of Economic Surveys 17 (3): 309-362.
70. Iwai, K. (1984) Schumpeterian dynamics. An evolutionary model of innovation and imitation. Journal of Economic Behavior and Organization 5: 159-190.
71. Johnson, B. (1992) Institutional learning. In B.-Å. Lundvall (ed.), National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning. London: Pinter.
72. Jones, C. (1995a) R&D based models of economic growth. Journal of Political Economy 103: 759-784.
73. Jones, C. (1995b) Time series tests of endogenous growth models. Quarterly Journal of Economics 110: 495-525.
74. Jones, C. (1999) Growth: With or without scale effects? American Economic Review 89: 139-144.
75. Kleinknecht, A. (1981) Observations on the Schumpeterian swarming of innovations. Futures 13: 293-307.
76. Knight, F.H. (1921) Risk, Uncertainty and Profit. Boston, MA: Houghton Mifflin.
77. Kuznets, S. (1940) Schumpeter's business cycles. American Economic Review 30: 257-271.
78. Landes, D. (1969) The Unbound Prometheus. Technological Change and Industrial Development in Western Europe from 1750 to the Present. Cambridge: Cambridge University Press.
79. Levine, R. and Renelt, D. (1992) A sensitivity analysis of cross-country growth regressions. American Economic Review 82 (4): 942-963.
80. Lewer, J.J. and Van Den Berg, H. (2003) How large is international trade's effect on economic growth? Journal of Economic Surveys 17 (3): 363-396.
81. Lucas, R. (1988) On the mechanics of economic development. Journal of Monetary Economics 22: 3-42.
82. Lundvall, B.-Å. (1992) National Systems of Innovation: Towards a Theory of Innovation and Interactive Learning. London: Pinter.
83. Malerba, F. (2002) Sectoral systems of innovation and production. Research Policy 31 (2): 247-264.
84. Malerba, F. (2005) How innovation differs across sectors and industries. In J. Fagerberg, D.C. Mowery and R.R. Nelson (eds), The Oxford Handbook of Innovation. Oxford: Oxford University Press.
85. Mankiw, N., Romer, D. and Weil, D. (1992) A contribution to the empirics of economic growth. Quarterly Journal of Economics 107: 407-437.
86. McKelvey, M. (1997) Using evolutionary theory to define systems of innovation. In C. Edquist (ed.), Systems of Innovation: Technologies, Institutions and Organisations. London and Washington, DC: Pinter.
87. Mensch, G. (1979) Stalemate in Technology: Innovations Overcome the Depression. New York: Ballinger.
88. Metcalfe, S. (2001) Institutions and economic progress. Industrial and Corporate Change 10: 561-586.
89. Nelson, R.R. (1993) National Innovation Systems: A Comparative Analysis. New York and Oxford: Oxford University Press.
90. Nelson, R.R. (1995) Recent evolutionary theorizing about economic change. Journal of Economic Literature 33: 48-90.
91. Nelson, R. and Winter, S. (1977) In search of a useful theory of innovation. Research Policy 6: 36-76.
92. Nelson, R. and Winter, S. (1982) An Evolutionary Theory of Economic Change. Cambridge, MA: Harvard University Press.
93. Nelson, R. and Winter, S. (2002) Evolutionary theorizing in economics. Journal of Economic Perspectives 16 (2): 23-46.
94. Pavitt, K. (1984) Sectoral patterns of technical change: Towards a taxonomy and a theory. Research Policy 13: 343-373.
95. Pavitt, K. (2005) Innovation processes. In J. Fagerberg, D.C. Mowery and R.R. Nelson (eds), The Oxford Handbook of Innovation. Oxford: Oxford University Press.
96. Perez, C. (1983) Structural change and assimilation of new technologies in the economic and social systems. Futures October: 357-375.
97. Perez, C. (1985) Microelectronics, long waves and world structural change: New perspectives for developing countries. World Development 13: 441-463.
98. Porter, M. (1990) The Competitive Advantage of Nations. London: Macmillan.
99. Pritchett, L. (1997) Divergence, big time. Journal of Economic Perspectives 11 (3): 3-17.
100. Quah, D.T. (1996a) Twin peaks: Growth and convergence in models of distribution dynamics. Economic Journal 106: 1045-1055.
101. Quah, D.T. (1996b) Convergence empirics across economies with (some) capital mobility. Journal of Economic Growth 1 (1): 95-124.
102. Quah, D.T. (1996c) Empirics for economic growth and convergence. European Economic Review 40: 1353-1375.
103. Quah, D.T. (1997) Empirics for growth and distribution: Stratification, polarization, and convergence clubs. Journal of Economic Growth 2: 27-59.
104. Romer, P. (1986) Increasing returns and long-run growth. Journal of Political Economy 94: 1002-1037.
105. Romer, P. (1987) Crazy explanations for the productivity slowdown. In S. Fischer (ed.), NBER Macroeconomics Annual. Cambridge, MA: MIT Press.
106. Romer, P. (1990) Endogenous technological change. Journal of Political Economy 98: 71-102.
107. Romer, P. (1994) The origins of endogenous growth. Journal of Economic Perspectives 8 (1): 3-22.
108. Rosenberg, N. (1982) Inside the Black Box: Technology and Economics. Cambridge: Cambridge University Press.
109. Ruttan, V. (1997) Induced innovation, evolutionary theory and path dependence: Sources of technical change. Economic Journal 107: 1520-1529.
110. Sarkar, J. (1998) Technological diffusion: Alternative theories and historical evidence. Journal of Economic Surveys 12 (2): 131-176.
111. Saviotti, P. (1997) Innovation systems and evolutionary theories. In C. Edquist (ed.), Systems of Innovation: Technologies, Institutions and Organisations. London and Washington, DC: Pinter.
112. Schumpeter, J. (1934) The Theory of Economic Development. Cambridge, MA: Harvard University Press.
113. Schumpeter, J. (1939) Business Cycles. Philadelphia, PA: Porcupine Press.
114. Schumpeter, J. (1943) Capitalism, Socialism and Democracy. New York: Harper.
115. Schumpeter, J. (1954) History of Economic Analysis. London: Routledge.
116. Silverberg, G. and Lehnert, D. (1994) Growth fluctuations in an evolutionary model of creative destruction. In G. Silverberg and L. Soete (eds), The Economics of Growth and Technical Change. Technologies, Nations, Agents. Aldershot: Edward Elgar.
117. Silverberg, G. and Verspagen, B. (1994a) Learning, innovation and economic growth: A long-run model of industrial dynamics. Industrial and Corporate Change 3: 199-223.
118. Silverberg, G. and Verspagen, B. (1994b) Collective learning, innovation and growth in a boundedly rational, evolutionary world. Journal of Evolutionary Economics 4: 207-226.
119. Silverberg, G. and Verspagen, B. (1995) An evolutionary model of long term cyclical variations of catching up and falling behind. Journal of Evolutionary Economics 5: 209-227.
120. Silverberg, G. and Verspagen, B. (1996) From the artificial to the endogenous: Modelling evolutionary adaptation and economic growth. In E. Helmstädter and M. Perlman (eds), Behavorial Norms, Technological Progress and Economic Dynamics: Studies in Schumpeterian Economics. Ann Arbor, MI: University of Michigan Press.
121. Silverberg, G., Dosi, G. and Orsenigo, L. (1988) Innovation, diversity and diffusion: A self-organisation model. Economic Journal 98: 1032-1054.
122. Solow, R. (1956) A contribution to the theory of economic growth. Quarterly Journal of Economics 70: 65-94.
123. Swedberg, R. and Granovetter, M. (1992) Introduction. In M. Granovetter and R. Swedberg (eds), The Sociology of Economic Life. New York: Westview Press.
124. Temple, J. (1999) The new growth evidence. Journal of Economic Literature 37: 112-156.
125. Temple, J. (2000) Inflation and growth: Stories short and tall. Journal of Economic Surveys 14 (4): 395-426.
126. Temple, J. (2003) The long-run implications of growth theories. Journal of Economic Surveys 17 (3): 497-510.
127. Van Duijn, J.J. (1983) The Long Wave in Economic Life. London: Allen and Unwin.
128. Veblen, T. (1899) The Theory of the Leisure Class: An Economic Study of Institutions. New York: Macmillan.
129. Veblen, T. (1915) Imperial Germany and the Industrial Revolution. New York: Macmillan.
130. Veblen, T. (1919) The Place of Science in Modern Civilisation and Other Essays. New York: Huebsch.
131. Verspagen, B. (1991) A new empirical approach to catching up or falling behind. Structural Change and Economic Dynamics 2: 359-380.
132. Verspagen, B. (1993) Uneven Growth between Interdependent Economies: Evolutionary View on Technology-Gaps, Trade and Growth. Aldershot: Avebury.
133. Verspagen, B. (2005) Innovation and economic growth. In J. Fagerberg, D.C. Mowery and R.R. Nelson (eds), The Oxford Handbook of Innovation. Oxford: Oxford University Press.
134. Winter, S. (1964) Economic 'natural selection' and the theory of the firm. Yale Economic Essays 4: 225-272.
135. Winter, S. (1971) Satisficing, selection and the innovating remnant. Quarterly Journal of Economics 85: 237-261.
136. Winter, S. (1984) Schumpeterian competition in alternative technological regimes. Journal of Economic Behavior and Organization 5: 137-158.
137. Witt, U. (1991) Reflections on the present state of evolutionary economic theory. In G. Hodgson and E. Screpanti (eds), Rethinking Economics: Markets, Technology and Economic Evolution. Aldershot: Edward Elgar.
138. Wobmann, L. (2003) Specifying human capital. Journal of Economic Surveys 17 (3): 239-270.
139. Zagler, M. and Durnecker, G. (2003) Fiscal policy and economic growth. Journal of Economic Surveys 17 (3): 397-418.