000030637 001__ 30637
000030637 005__ 20180122204248.0
000030637 037__ $$a1649-2016-135948
000030637 041__ $$aen
000030637 245__ $$aAdaptive Economic Growth
000030637 260__ $$c2003
000030637 269__ $$a2003
000030637 300__ $$a40
000030637 336__ $$aWorking or Discussion Paper
000030637 446__ $$aEnglish
000030637 490__ $$aCRC Working Paper 51/2003
000030637 520__ $$aThis paper outlines an evolutionary theory of adaptive growth based on the twin principles of enterprise and the co-ordinating role of markets. The central organising idea is that economies never grow without simultaneous development. Growth as conventionally understood is a product of structural change and economic self-transformation, and these processes are closely connected with but not reducible to the growth of knowledge. The dominant theme is enterprise, the variations it generates, and the multiple connections between investment, innovation, demand and structural transformation. We explore the dependence of macroeconomic productivity growth on the diversity of technical progress functions and income elasticities of demand at the industry level, and the resolution of this diversity into patterns of economic change through market processes. We show how industry growth rates are emergent phenomena, constrained by higher order processes of emergence that convert an ensemble of industry growth rates into an aggregate rate of growth. The growth of productivity, output and employment are determined mutually and endogenously, and their values depend on the variation in the primary causal influences in the system.
000030637 650__ $$aFinancial Economics
000030637 700__ $$aMetcalfe, John S.
000030637 700__ $$aFoster, John
000030637 700__ $$aRamlogan, Ronnie
000030637 8564_ $$s412652$$uhttp://ageconsearch.umn.edu/record/30637/files/cr030051.pdf
000030637 887__ $$ahttp://purl.umn.edu/30637
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  Previous issue date: 2003
000030637 982__ $$gUniversity of Manchester>Institute for Development Policy and Management (IDPM) >Centre on Regulation and Competition (CRC) Working papers
000030637 980__ $$a1649