The central theme of this book is competition treated as an evolutionary process in which the focus is upon economic change, and not economic equilibrium. This theme is explored by linking together differences in economic behaviour with the role of markets as co-ordinating institutions. In this picture, innovation plays a central role as a primary source of differential behaviour of firms and the purpose of the book is to identify the consequences of these differences for competition and competitive advantage. Since the mid-1980s, there have been many important contributions to an emerging...

Winner of the Schumpeter Prize, 2000 and Winner of the Smith Prize in Austrian Economics, 2000, this book explores how the limitations of human knowledge create both opportunities and problems in the modern economy. The growing field of evolutionary economics has developed as a result of the traditional failure of the discipline to explain certain phenomena that impact greatly on the economy. These are:
*Evolution - the impact on the economy of natural change over time
*Institutions - the impact on the economy of government and/or company policy, rules and...

Joseph Schumpeter can be regarded as one of the most creative and influential economists of the 20th century. This influence has increased significantly since his death in 1950. Schumpeter addressed the central question of how some societies have managed to achieve substantial improvements in material wellbeing. His answer to wellbeing, with its emphasis on conditions favouring innovation, has become more persuasive charting world history from 1945. Nathan Rosenberg argues that today Schumpeter speaks to the economics profession in an authoritative way for another reason.

This book poses the important question of whether exchange rates are ultimately tied down by economic fundamentals. In a unique approach the subject is analysed from an asset holder's perspective and Streissler takes the reader through an authoritative and wide-ranging study including:
*Friedman's case for flexible exchange rates
*interest parity and purchasing power parity
*process analysis of temporal exchange rate equilibria
*stabilization through bounded interest rates and exchange rate theory
*the problem of the neutrality of money

Many of the central results of Classical and Marxian political economy are examples of the self-organization of the capitalist economy as a complex, adaptive system far from equilibrium.
An Unholy Trinity explores the relations between contemporary complex systems theory and classical political economy, and applies the methods it develops to the problems of induced technical change and income distribution in capitalist economies, the control of environmental externalities such as global warming and the stabilization of the world population.
The arguments and methods of this important...

Co-winner of the 2006 Schumpeter Prize of the International Joseph A. Schumpeter Society.

This book explains the shift of the organizational landscape away from vertically integrated firms and towards more specialized entities connected by markets and networks. In doing so, it places in a larger theoretical framework the work of Joseph Schumpeter and Alfred Chandler, two of the twentieth century's most important analysts of the modern corporation.

Weaving together business history, economic theory and the history of ideas, Langlois - who won the Newcomen...