An Evolutionary Theory of Competition

19 Pages Posted: 23 Apr 2004

Date Written: February 2004

Abstract

In this paper, an evolutionary theory of market competition is developed. It is rooted in concepts of Smith, Hayek and Schumpeter but also includes modern insights of economic theory in regard to cognitive economics and innovation economics. Next to conceptual and methodological differences, the theory diverges from standard theory by highlighting the meaning and role of diversity as a driving-force of evolutionary competition.

Keywords: Evolutionary competition, market process theory, knowledge generation, innovation and competition, evolutionary economics

JEL Classification: L40, H77, B52, L10

Suggested Citation

Budzinski, Oliver, An Evolutionary Theory of Competition (February 2004). Available at SSRN: https://ssrn.com/abstract=534862 or http://dx.doi.org/10.2139/ssrn.534862

Oliver Budzinski (Contact Author)

Ilmenau University of Technology ( email )

Ilmenau, D-98684
Germany

HOME PAGE: http://www.tu-ilmenau.de/wth

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