Long-run Economics : An Evolutionary Approach to Economic Growth

Abstract

A major problem of conventional economic theory as applied to long-run economic change is its unduly narrow and static character, which compromises its capacity to handle conceptually a social process inherently systemic, complex and dynamic. At the same time there is a growing realization in relevant government and industrial circles (reinforced by the example of Japan) that effective economic policy-making needs a strategic, and therefore a technological, content.