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By Andreas Pyka, John Foster

This ebook is on the innovative of the continued ‘neo-Schumpeterian’ examine software that investigates how financial development and its fluctuation might be understood because the final result of a ancient means of fiscal evolution. a lot of contemporary evolutionary economics has relied upon organic analogy, in particular approximately average choice. even if this is often legitimate and beneficial, evolutionary economists have, more and more, began to construct their analytical representations of monetary evolution on understandings derived from complicated platforms technological know-how. during this ebook, the truth that financial platforms are, inevitably, advanced adaptive platforms is explored, either theoretically and empirically, in a number of contexts. all through, there's a fundamental concentration upon the interconnected approaches of innovation and entrepreneurship, that are the last word assets of all monetary development. Twenty chapters are supplied by way of popular specialists within the similar fields of evolutionary economics and the economics of innovation.

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The Evolution of Economic and Innovation Systems

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Obviously, an individualist culture is deeply rooted in a resource-intensive and labor-saving technology, while a collectivist culture is associated with resource-scarce and a population-dense environment. The role of culture and resource in the modernization catch-up game will be discussed in Sect. 2. Our observation on patterns in resource and population started from a cross-country comparison, which can be extended to any industrial analysis if relevant data are available. 3 Logistic Model of Limited Growth and Species Competition The Cobb-Douglas production function in neoclassical economics can be transformed into a log-linear function, which means unlimited growth without resource limits or market extents.

So the picture that has been provided of British economic growth is one of spectacular past success, continuing growth prospects, but with transitional dangers looming on the horizon. To what extent can we see parallels in the global economy? 22 However, based upon Angus Maddison’s data, Global GDP seems to have taken off about half a century after the UK with the same explosive tendency (Maddison 2008b). Undoubtedly, the co-evolutionary process of fossil fuel exploitation and the growth of embedded knowledge in the capital stock has also been the key driver of global growth.

In terms of per capita arable land, East Asia including Japan and China has much less arable land compared to Western countries (Table 3). There is a striking difference between Asia’s small grain farms and large western farms in corn and cattle agri-business. Obviously, an individualist culture is deeply rooted in a resource-intensive and labor-saving technology, while a collectivist culture is associated with resource-scarce and a population-dense environment. The role of culture and resource in the modernization catch-up game will be discussed in Sect.

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