Schumpeter, Winter, and the Sources of Novelty

Posted: 29 Feb 2008

See all articles by Markus C. Becker

Markus C. Becker

University of Southern Denmark

Thorbjorn Knudsen

University of Southern Denmark - Department of Marketing & Management - Strategic Organization Design Unit (SOD)

James G. March

Stanford Graduate School of Business

Abstract

This article examines what Joseph Schumpeter said on the emergence of novelty in economic institutions, what Sidney Winter did to build on and deviate from that foundation, and what puzzles remain. Winter built a framework for answers to a puzzle that Schumpeter could not solve-how novelty emerges in a system based on routines. He identified two major sources of novelty: the combinatorics of routines and the unreliability of routine imitation. As possible inspirations for further progress in evolutionary thought, the article points to ideas from chemistry, linguistics, and the diffusion of fashion for elaborations of these key Winterian insights.

Suggested Citation

Becker, Markus C. and Knudsen, Thorbjorn and March, James G., Schumpeter, Winter, and the Sources of Novelty. Industrial and Corporate Change, Vol. 15, No. 2, pp. 353-371, 2006, Available at SSRN: https://ssrn.com/abstract=915140

Markus C. Becker (Contact Author)

University of Southern Denmark ( email )

Campusvej 55
Odense, 5000
Denmark

Thorbjorn Knudsen

University of Southern Denmark - Department of Marketing & Management - Strategic Organization Design Unit (SOD) ( email )

Faculty of Social Sciences
Campusvej 55
DK-5230 Odense
Denmark

HOME PAGE: http://www.sdu.dk/sod

James G. March

Stanford Graduate School of Business ( email )

655 Knight Way
Stanford, CA 94305-5015
United States

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