Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 111: Disequilibrium Economic Dynamics: A Post-Schumpeterian Contribution

Richard A. Day
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Richard A. Day: Research Institute of Industrial Economics (IFN)

Abstract: Adaptive economizing in a decentralized economy with alternative technologies and scarce resources leads to various kinds of locally unstable behavior. Economic disequilibrium is the rule in such a world and requires the presence of market mechanisms that make possible continued viability. If in addition to local instability economies are also globally unstable, as considerable evidence suggests, then the discovery and application of new structure is essential. A complete dynamic theory of economic change must therefore be based not only on conventional rationality and routinely adapting behavior but on a superior faculty which may perhaps best be called creative intelligence.

Keywords: Disequilibrium

JEL-codes: D50

40 pages, December 1983

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