Development in modern evolutionary economics perspective

Abstract

This work aims to identify the main elements and interdependencies of the evolutionary development mechanism that constitute the basis of and framework for its functioning, and which distinguish it from neoclassical growth models. These elements are diversification and differentiation, continuity of operation, and adaptability to shock. They combine, in one scientific research program paradigm, various concepts and theories classified as evolutionary economics. They also determine the mode of operation of the engines of development – selection and innovation, their interactions and interdependencies, and the framework for empirical research – currently the main method and direction of development of the evolutionary economy.

Keywords

• innovation
• evolution
• selection
• evolutionary development
• modern evolutionary economics