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By John Foster, Werner Holzl

Debates the facets of complexity and evolution in utilized contexts recognising that sleek evolutionary economics is at a crossroads. Foster is from college of Queensland.

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Sample text

Also, these may be externally or internally generated and may or may not be random in character. Because of the history of logistic curves in population ecology, K is commonly thought of as an environmental (or niche) delimiter. However, as has been pointed out, from a self-organizational perspective it is more profitable to think of it as being to a significant degree endogenously determined by the irreversible nature of productive structure. This irreversibility results in a lack of adaptability in a process or product range as development proceeds.

Contains exogenous influences which cause the net diffusion rate to vary. The lagged-dependent variable is included to capture momentum effects which cushion the impact of exogenous shocks. 2) is an endogenous growth specification which can be applied in historical episodes when structural development is taking place. As it stands, many might interpret it as the specification of a disequilibrium process, following a jump in a ‘long-run equilibrium’ K, given that ongoing structural change is homogenized into a growth measure.

Nelson R. and Winter, S. (1982), An Evolutionary Theory of Economic Change, Cambridge, MA: Belknap Press. R. (1987), ‘Three econometric methodologies: a critical appraisal’, Journal of Economic Surveys, 1, 3–24. R. T. J. R. T. Sayers (eds), Surveys in Econometrics, Oxford: Blackwell. Potts, J. (2000), The New Evolutionary Microeconomics: Complexity, Competence and Adaptive Behaviour, Cheltenham, UK and Northampton, USA: Edward Elgar. Sarkar, J. (1998), ‘Technological diffusion: alternative theories and historical evidence’, Journal of Economic Surveys, 12, 131–76.

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