Evolutionary Economics - Science topic

This chapter describes the conceptual backgrounds, current debates, and future research topics with regard to the Multi-Level Perspective, which is one of the central frameworks in sustainability transitions research. It shows how the MLP spans multiple social science dichotomies (e.g., stability-change, agency-structure, behaviour-technology) by c...

Normative reasoning within the mainstream economic framework has been largely shaped by utilitarian ethics. The growing popularity of effective altruism indicates that the utilitarian spirit has also permeated the sphere of social sentiment, evaluating our pro-social behaviour and charitable giving in terms of efficiency. The present study assesses...

Post Keynesian economics gave birth as macroeconomics without microfoundations. Post Keynesian economists were dissatisfied of the idea of serving neoclassical economics as foundations of their economics. Shiozawa, Morioka, and Taniguchiʼs Microfoundations of Evolutionary Economics, Springer, 2019, provides a new theory that is completely different...

In this presentation we establish formal relationships between the sources of complexity in evolutionary economic models, and the notion of coevolution. We show how coevolution can help us to navigate complex models. Finally, applications to innovation economics, industrial dynamics and avenues for future research are suggested.

Airdrops are a mechanism by which blockchain-based projects distribute digital tokens to users at zero cost. Billions of dollars of tokens have been airdropped for reasons such as marketing and decentralisation. The distribution criteria that projects have designed (e.g. previous user activity on the platform) have become more complex as different...

In the literature on stochastic frontier models until the early 2000s, the joint consideration of spatial and temporal dimensions was often inadequately addressed, if not completely ne- glected. However, from an evolutionary economics perspective, the production process of the decision-making units constantly changes over both dimensions: it is not...

Shiozawa, Morioka and Taniguchi (2019)’s Microfoundations for Evolutionary Economics (Springer Japan) provided an alternative view (SMT view) of the economy to the orthodox equilibrium view of the economy. According to the SMT view, demand and supply are matched by quantity adjustment under fixed prices, and prices function as a transmitter of cost...

Complex systems may be a useful methodological tool to address "challenges for research in development". There is a huge and growing literature on complex systems and economic theory that might be related to early intuitions of classical economists on the workings of capitalist economies. Kondratiev and Slutsky have worked with features of complex...

Every economic is based upon a specific ontology. Every ontological framework has its own causal mechanism to justify socio-economic changes and give the proper recommendation. The article at first based on the multi-level approach and the recent developments in the complexity theory is going to judge and reconcile between the Orthodox and Heterodo...

The ecological, evolutionary, economic, and cultural importance of algae necessitates a continued integration of phycological research, education, outreach, and engagement. Here, we comment on several topics discussed during a networking workshop— Algae and the Environment —that brought together phycological researchers from a variety of institutio...

Incumbent advantages have prevented most latecomer firms from being successful in the automotive industry. The industry to this day is dominated by the first mover firms from North America and the fast followers from Western Europe and Japan. Many developing and emerging countries have significant automotive industries, but they are dominated by th...

This chapter provides an overview of evolutionary economics in Japan, focusing on the activities of the Japan Association for Evolutionary Economics (JAFEE). First, it describes JAFEE’s foundation in 1997 and its background in Japanese economic academism. The idea of evolutionary economics met the desires of researchers who were unsatisfied with th...

Understanding resilient network governance in terms of polycontextuarality perspective and logic (Teubner, Luhmann, McColloch). We expand this concept so we can refer to a network as having a polycontextural capability. This capability is understood as a property of institutional arrangements-here reflexive network governance. We do so with the rec...

Nation-states are designing their industrial policies increasingly to not only enhance national competitiveness, but also to simultaneously address “Green Challenges”, concerns about the natural environment that require concerted action among different actors in society, including domestic and foreign multinational enterprises (MNEs). This blending...

Technological innovation has emerged as a vital strategic resource in recent years in the context of global economic and technological competition. This study combines the concepts of ecosystem theory and evolutionary economics to model the functioning of three types of innovation ecosystems: independent, competitive, and cooperative. It then adopt...

Purpose Considering the historical evolution of innovation dynamics, and its paradoxical state, and answering Nelson (2008) and Winter (2014), this paper aims to analyze the dynamics of innovation within the context of the Evolutionary Economic Theory. Specifically, this study looks to unravel the moderating influence of university cooperation on t...

The close bond that can exist between humans and their dogs is an important aspect of the evolutionary, economic, and social connections between the two species. There is a need for a better understanding of the place of the dog within the human–dog bond and on ways the human–dog bond affects dog welfare. We conducted a scoping review to investigat...

One of the most important transitions of China from a centrally planned economy to a market-based economy was the emergence of entrepreneurship in two different forms of private enterprise, viz., getihu and siyingqiye. Getihu firms are legally restricted to a household ownership structure and a firm size upper limit. Siyingqiye firms do not face th...

The article systematizes the scientific principles of research into the infrastructure system of rural areas. The purpose of the article is to generalize the theoretical foundations of the infrastructure systems study of rural areas based on the provisions of systemic, evolutionary, structural-functional, spatial approaches, principles study of sus...

Economic development requires endogenous novelties, according to evolutionary economics. To find the endogenous source of novelties, we focus on the creativity of ordinary people when they forge their life path. We argue that such ‘life creativity’ is endogenous to the economic system because it is a typical capability of human beings, because it i...

Este artigo tem como objetivo estudar a contribuição das decisões de investimento das grandes firmas capitalistas para a dinâmica de emergência e evolução das indústrias, por meio da fertilização cruzada entre três abordagens distintas, para articular estes fenômenos e conceitos: a noção de incerteza e sua relação com as decisões de investir em Key...

This inquiry seeks to counter a hypothesis advanced by Jon D. Wisman, stating that Thorstein Veblen "missed" the opportunity to incorporate sexual selection into his evolutionary economics. To the contrary, I argue that Veblen's vision is far from lacking, and that he intentionally refrained from integrating the biological process of sexual selecti...

Photo by Sean Pollock on Unsplash ABSTRACT Bioethics and Corporate Social Responsibility (CSR) were born out of similar concerns, such as the reaction to scandal and the restraint of irresponsible actions by individuals and organizations. However, these fields of knowledge are seldom explored together. This article attempts to explain the motives b...

Transition studies is a rapidly growing field within innovation studies. It aims to account for system transitions especially in relation to sustainability challenges. The field has however paid limited attention to the economic structural change associated with transitions. This suggests that despite common origins via the concept of technological...

Industrial branching proposed by evolutionary economic geographers exhibits robustness in illustrating the spatial emergence of new industries in regions. However, extant studies are primarily confined to a single type of industrial branching mechanism, such as spin-off or firm diversification, and biasedly equate them as regional endogenous and fi...

This chapter examines the relationship between resilience and innovation. In the current period of economic uncertainty, resilience is an emerging concept that has been employed by both researchers and policymakers to explore systems’ responsiveness to exogenous shocks. Drawing on the evolutionary economic literature, we argue that resilience is mo...

Market rules, changes in regulations for users and producers, technological innovation and economic development are important factors shaping energy transitions. Therefore, explaining energy transitions requires a multidisciplinary insight to investigate these factors. The study of energy transitions faces an analytical and methodological challenge...

Celem pracy jest identyfikacja głównych elementów i współzależności ewolucyjnego mechanizmu rozwoju stanowiących podstawę i ramy jego funkcjonowania i odróżniających go od neoklasycznych modeli wzrostu. Elementami tymi są zróżnicowanie i różnicowanie się, ciągłość działania oraz zdolności adaptacyjne do szokowej, a nie tylko płynnej ewolucji. Spaja...

This study reports on a 2-year trial of a stand-alone (non-omnibus) evolutionary economics lecture for undergraduate students of the School of Economics, Kanazawa University in the academic years 2019 and 2020. The main purpose was to stimulate discussions on evolutionary economics education by presenting the content of the 2-year lectures. In addi...

This paper aims to investigate the impact of transformational leadership exhibited by top management team (TMT) members on the cognitive conflict experienced by employees in small and medium enterprises (SMEs). Drawing upon the theory of evolutionary economics, an evolutionary game model is constructed to analyze the strategic choices made by TMT m...

Human resources is one of the main and most crucial resources that a business administration has. Because business administrations are functionate their systems and processes with their human resources. At this point it won’t be misleading an analogy that human resource has took charge alike blood-tissue. Thanks to the blood-tissue oxygen is provid...

This dissertation examines the mechanisms driving the geographical diffusion of Artificial Intelligence through four papers. Despite the significant attention that Artificial Intelligence has received in recent years and its prominence in both public and research discourse, there are still many aspects of Artificial Intelligence where we lack the n...

We explore the limitations of the adaptationist view of evolution and propose an alternative. While gradual adaptation can explain some biological and economic diversity, it cannot account for radical innovation (especially during the past 10,000 years). We argue that ubiquitously available but dormant “functional excess” provides the raw material...

Evolutionary economics has been useful to explain the nature of the processes of innovation, as well as providing useful heuristics for applied research. However, quantitative tests are rare and in general fail to capture the observed dynamics of firms in real markets. A main problem is how to estimate the fitnesses of companies. We present a quant...

Despite the growing calls to integrate realistic human behavior in sustainability science models, the representative rational agent prevails. This is especially problematic for climate change adaptation that relies on actions at various scales: from governments to individuals. Empirical evidence on individual adaptation to climate-induced hazards r...

This paper aims to advance an interpretation of social problems theory and analysis from the perspective of Virginia political economy. To the extent that social problems provide a rationale for collective action and public policymaking, social problems are considered a suitable candidate for appraisal using Virginia political economy’s conceptual...

Despite most societies having recognized the vital role of entrepreneurship in driving economic progress, there is still a lack of understanding of the components of innovation, entrepreneurship, and growth and the relationship between microeconomic foundations of development and macroeconomic outcomes. Moreover, the impact of new venture competiti...

Looking for a unified agenda What is the agenda and scope of evolutionary economic geography (EEG)? In particular, what is the role that the disciplines of geography and economics can, or should, play in such an—arguably common—program? While efforts to answer these questions have been made in EEG (Boschma and Martin, 2007, 2010; Kogler, 2017), the...

A central challenge in evolutionary economics stems from the fact that fitness values are not static quantities but typically fluctuate over time. Based on the longstanding tradition of rigorous mathematical description of evolution in population genetics, we propose a quantitative implementation of fluctuating selection to explain the dynamics of...

Oleksandr Amosha , Oleksandr Lyakh , Myroslava Soldak , Danylo Cherevatskyi. Institutional determinants of implementation of the smart specialisation concept: case for old industrial coal-mining regions in Ukraine. The paper considers the special features of applying the concept of smart specialization in the old industrial coal-mining regions to i...

This paper aims to show one of the ways of introducing income distribution into the model of evolutionary economics presented by Shiozawa et al. (Microfoundations of evolutionary economics. Springer Japan, Tokyo, 2019). We use Miyazawa’s income distribution model to extend the model of evolutionary economics. An input–output model developed by Miya...

Evolutionary economic geography (EEG) has emerged and developed as a cutting-edge and essential subdiscipline of economic geography over the last two decades or so, characterized by its fluidity, complexity, and openness. Given insufficient panoramic reviews of the line of theoretical development to date, a limited understanding of the inherent cau...

Introducción/objetivo: la sociedad requiere que los esfuerzos en CTI no sólo apunten al crecimiento económico, sino que promuevan la conservación del medio ambiente y la justicia social (la transformación hacia la sostenibilidad). En este sentido, se requiere la construcción de sistemas de innovación orientados a la sostenibilidad (SIS); es decir,...

Different strands of literature have provided important insights into the economic effects of high-skilled migration. Evolutionary economic approaches have provided robust evidence and theories to explain how innovation unfolds in regions. However, with few exceptions they have been silent with regard to the role of migration in this process. This...

Introduction The National innovation systems (NIS) came into the focus of scientific research at the end of the 20th century. At that time, within the framework of evolutionary economics, several scientific schools were formed, the efforts of which created the theoretical prerequisites for studying the NIS. The main element of the novelty in creati...

In this work we explore the dynamics of the savings ratio in the economy and its possible relationships with employment and growth rates. We set out from evolutionary economics and previous literature regarding studies of the labor market. The non-linear dynamic models we propose generate plausible results, multiple equilibria and certain zones wit...

The path to a Darwin-inspired evolutionary framework has had a historical development that should be addressed to comprehend how it came to be and how its application in archaeology has had different iterations, some of them far from what can be considered a Darwinian approach. The purpose of this paper is to provide an understanding of processes m...

Annotation Dr. Nargiz Medzhidova Evolutionary thinking as the foundation of modern naturalism The article examines modern naturalism as an opportunity to combine knowledge of natural and social sciences and humanities for a new look at the knowledge and solution of human problems. The need to revise approaches to human cognition is due to the grea...

Neural Augmentation is a procedure that involves the implementation of electrically stimulating electrode arrays in the human brain to enhance cognitive skills, memory, and other aspects of the neural activity. Despite that this technology initially intends to address the pathological aspects of the neural system, current research trends are invest...

This paper aims to introduce an overview of several aspects of the so-called Artificial Intelligence, their potential impacts on economic and social dimensions, and suggestions for possible approaches of investiment based upon effective and mature techniques. In this fashion, it is important to address from educational and academic issues to indust...

Mekvabishvili (2023) provides a unique perspective on the relationship between economics, especially behavioural and evolutionary economics, and Christian thought and theology. The literature on Christianity and economics is overrepresented by American authors, so I'm glad that Mekvabishvili offers another perspective, of an Eastern Orthodox backgr...

This paper aims to introduce an overview of several aspects of the so-called Artificial Intelligence, their potential impacts on economic and social dimensions, and suggestions for possible approaches of investiment based upon effective and mature techniques. In this fashion, it is important to address from educational and academic issues to indust...

This paper aims to introduce an overview of several aspects of the so-called Artificial Intelligence, their potential impacts on economic and social dimensions, and suggestions for possible approaches of investiment based upon effective and mature techniques. In this fashion, it is important to address from educational and academic issues to indust...

Abstract The paper adds some supplementary explanations on Shiozawa, Morioka, and Taniguchi (2019) Microfoundations of Evolutionary Economics, Springer Japan, Tokyo. It explains why the book gives microfoundations both to evolutionary and Post Keynesian economics (§5 & 6). In addition, the paper gives a detailed explanations on how markup rates are...

Complexity science permeates the policy spectrum but not antitrust. This is unfortunate. Complexity science provides a high-resolution screen on the empirical realities of markets. And it enables a rich understanding of competition, beyond the reductionist descriptions of markets and firms proposed by neoclassical models and their contemporary neo-...

This book examines the inter-firm networks created by interlock coordination through shared directors (inter-board) and managers (inter-department) at various levels: whole aggregate, core vs. peripheral companies, and distribution by country and sector. Presenting an empirical case study on all the limited liability or stock companies of the aeros...

We developed a swarm intelligence-based model to study firm search across innovation topics. Firm search modeling has primarily been “firm-centric,” emphasizing the firm’s own prior performance. Fields interested in firm search behavior—strategic management, organization science, and economics—lack a suitable simulation model to incorporate a more...

CONTENTS Praise for the Book .................................................................................. ix About the Editor and Contributors ...................................................... xi Preface ..................................................................................................... xx All Chapters by Jinhyo Jose...

Amid rising global inflation, traditional monetary policies face challenges, prompting a reevaluation of their theoretical foundations and a surge in interest in alternative perspectives. This article examines recent alterations to conventional inflation concepts, questioning the extent of their significance and exploring the potential of heterodox...

We explore the limitations of the adaptationist view of evolution and propose an alternative. While gradual adaptation can explain some biological and economic diversity, it cannot account for radical innovation (especially during the past 10,000 years). We argue that ubiquitously available but dormant “functional excess” provides the raw material...

The replicator dynamics (RD) model provides important insights in the evolution of markets but lacks empirical support. A main difficulty is how to obtain the payoff matrix connecting the pairwise effects between interacting market entities. A procedure for estimating these pairwise payoffs, based on the Maximum Entropy (ME) principle, is proposed....

The present study aims to examine and summarize some of the fundamental contributions of evolutionary economic thought. It begins by presenting some of the central traits of the main theoretical antecedents of evolutionary economics, from its foundation to date, identifying the conceptual prerequisites for a specific analysis to fit into its framew...

Why is daredevil aggression like Russia’s war on Ukraine such an important factor in world politics? Neither offensive nor defensive realists give a fully satisfactory answer. This paper maintains that the problem lies in their shared assumption that states pursue security. Tracing neorealism’s roots in evolutionary economics, and hence indirectly...

Technological change is a central concern for evolutionary economics, which combines detailed empirical studies and conceptual frameworks with mathematical modeling, among them the NK model from evolutionary biology. Technological change is also a central concern for classical and Marxian economics, where it is studied under the rubric of “cost sha...

Historians of economic thought commonly emphasize three aspects of Carl Menger’s work: his quarrel with the German Historical School, the contrast between his theoretical outlook and that of his co-marginalists, Léon Walras and William Stanley Jevons, and his role in pioneering an evolutionary economics. The paper argues that these aspects of Menge...

How to innovate leisure agriculture in the new period is the core issue in the high-quality development of leisure agriculture. The research holds that whether it is the macro “trend of leisure agriculture system supply”, the middle “characteristics of leisure agriculture industry itself” and the micro “characteristics of leisure agriculture enterp...

The purpose of this chapter is to outline the history of institutional and evolutionary core general concepts and principles. We commence with the institutionalist tendencies of the physiocrats in the 1700s through to the classical economists and Karl Marx of the 1800s, and onto the ‘founding father’ of evolutionary-institutionalism, Thorstein Vebl...

Abstract: This review article aims to analyze some of the main contributions regarding evolutionary economics and innovation made by Richard Nelson and Sidney Winter. We reviewed, in particular, the main issues covered in the books published in 1982, such as search, routine, and selection, and 2018, such as the new and important elements of the deb...

The present article extends recent studies that ask what might else have been considered by Scott and Amundsen in planning their sledging operations to reach the South Pole during the southern summer of 1911/12. Both were on the cusp of changes in exploration methods and had at hand significant knowledge from past expeditions. Scott’s preparations...

Organizational routines have been investigated by scholars from two opposite perspectives: the first is rooted in the evolutionary economics of Nelson and Winter; the second relies on the reconceptualization of routines proposed by Feldman and Pentland. The main reason that has kept the perspectives separated concerns the issue of routine replicati...

There are divergent views among scholars and policymakers about the nature of permissible evidence for policymaking. It is often not feasible to construct a policy system exclusively based on objective research findings, particularly for rare diseases where conventionally accepted evidence remains a rarity. Evolutionary theories in such cases offer...

Since Industry 4.0 has emerged, it has provoked discussions among managers, politicians, educators, workers, and the wide public. Involvement of new technologies into production process, but also rapid development of information and communication technologies, is associated with this concept. These tendencies are a source of concern for workers in...

The article is devoted to highlighting the peculiarities of the evolutionary economy. The characteristic features of evolutionary changes in the economic system are highlighted. Emphasis is placed on the methodological principles of the development of complex systems. The position that the evolution of the economy and society is based on the laws o...

A mathematical model for the development of technologies competing for common productive resources is proposed and analyzed. The model is based on the principles of evolutionary economics and constitutes a system of consumer-resource rate equations. Consumers are homogeneous populations of firms employing the same technology. The output of firms is...

Modern corporations have increasingly been adopting a decentred, layered, and multijurisdictional form as a strategy of boundary manipulation known amongst tax lawyers and accountants as 'regulatory arbitrage'. The argument we put forward in this article is that the scholarly work that treats these strategies as mere tax avoidance practices has con...

The political economy of interpreting side effects of Renewable energy transitions probably will have generated overwhelmed liberal movements among society as already having been started in Americas and developed parts of Europe. These side effects per efficacy might be related with loosened orphic traditional and priori modern relations within for...

In the past two decades, Evolutionary Cultural Science (ECS) has been emerging as a transdisciplinary field crossing evolutionary economics, economic sociology and evolutionary biology. The methodological key is co-evolutionary theory in terms of multi-level selection, evo-devo systemic approaches, and formal homologies in modelling tools, which al...

Changes in the world economy and the crisis of 2020 have aggravated the problem of structural stability of the economy and economic security. Under these conditions, the demand for services in the creative economy will grow dynamically, as the most valuable goods are ideas, imagination and creativity. The aim of the article is to consider the impac...

Industrial Transfer is an inevitable trend in the process of vertical specialization. The traditional industrial transfer theory tends to adopt partial data and methodologies from reductionism, and thus can not tackle with the highly non-linear systematic problems, such as the evolutionary mechanism and path of global economic system. With the prop...

Max Weber is most widely recognized for being the founder of Interpretive Sociology, with The Protestant Ethic and the Spirit of Capitalism regarded as his most important and widely taught work. However, being educated as a legal scholar, teaching courses in economics, and writing on economic history throughout his entire career, his body of resear...

The paper proposes an agent-based evolutionary ecological-economic model that captures the link between the economy and the ecosystem in a more inclusive way than standard economic optimization models do. We argue that an evolutionary approach is required to understand the integrated dynamics of both systems, i.e. micro–macro feedbacks. In the pape...

The New Normal is notable for considerable uncertainty of socioeconomic development of the country, its regions and municipalities. The paper aims to identify a set of theoretical and methodological techniques employed to study the functioning and development of municipalities and municipal development in general. The research demonstrates that ide...

Forming the systems of flow processes management in the context of limited resources and a sharing economy is among the most pressing problems of digitalization. The scientific review analyses the theoretical and methodological foundations and special features of forming the smart city transport and logistics systems in practice, as well as the pro...

Firms often reconfigure their resources when responding to changes in their external or internal environment, often by incorporating new knowledge and resources in collaboration with external stakeholders. However, the reconfiguration process is challenging, costly, and often fails. The firm's history plays an important role in the resource reconfi...

Based on the resource-based view and evolutionary economics, this study analyzes the impact of technological and non-technological innovative activities on the technological competitiveness measured by the number of patents. In addition, we analyze the interaction between technological and non-technological innovative activities. After the empirica...

This article highlights how evolutionary economics and innovation systems may be used to show how higher education contributes to economic development. Education strategy has occupied a special place among all nations throughout the history of humanity. In ancient China, the Kwan-Tzu book has been a century-old for the preference of investing in hu...

The concentration of organisations in a city or region allows companies to receive benefits without additional costs and increase their productivity. It has been empirically proven that urbanisation and localisation effects of agglomerations contribute to economic growth and development, and therefore should be taken into account in regional and ur...

Specialization. The new economic geography considers spatial relations not as one of many, but as the main factor determining socioeconomic processes of growth and development. According to the concept, the main role is played by two internal forces that cause the processes of concentration and deconcentration of human/economic activity, and the re...

Smart specialisation has become a popular approach to the strategic management of the innovative development of regional/national economies. However, there is no consensus in scientific circles on the theoretical origin of the concept of smart specialisation. Therefore, the purpose of the article is to analyze the influence of economic development...

Статья посвящена критическому анализу перспектив становления меметики как науки о социокультурной эволюции. Рассуждение строится вокруг идей, представленных в книге «Меметика и эволюционная экономика», вышедшей в 2021 г. под редакцией Михаэля Шлайле. Авторы книги приводят ряд аргументов в пользу того, что в экономических исследованиях, и в особенно...

The relatively thin book is literally loaded with scientific knowledge that responds to current developments in the economy and society. The author is critical of the concept of mainstream economics, which does not respond adequately to the current turbulent development of the world, and therefore offers a new perspective on contemporary economic a...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...

Innovation and sustainable development have become buzzwords in the 21st century with the idea of creative destruction launched by Joseph Alois Schumpeter being the base for evolutionary economics. However, new institutional economics helps to understand the necessity of support provided to entrepreneurs and innovators by science and administration...