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Stanley J. Metcalfe

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J. Stanley Metcalfe

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J. Stanley Metcalfe

The chapter explores Alfred Marshall’s evolutionary thinking by focusing on his widely misunderstood notion of the representative firm and by reconsidering his writings on knowledge and innovation. In Marshall, the idea that a theory of evolution requires variety generation and variety elimination is reflected in his organic account of the process of firm differentiation through division of labour and integration through organisation, and his selectionist account of the competitive struggle for existence. At the heart of this process lies the representative firm, which captures the changing composition of competitors within an industry population, and is itself constantly changing. Capitalism, from Marshall’s perspective, is never at rest because the economically valuable knowledge on which it is based is not, and cannot be, at rest. Economic change rests on epistemic foundations: the modern business world is organised to generate and apply new knowledge.

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J. Stanley Metcalfe

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J. Stanley Metcalfe and Ronnie Ramlogan

This research review charts the development of scholarly research into the theory of creative destruction, first posited by Joseph Schumpeter in the first half of the twentieth century. The editors identify seminal works discussing creative destruction and its effects at both a macro- and micro- economic level. Beginning with key writings of Schumpeter, the papers cover research into enterprise and innovation, the evolutionary market process, the empirics of creative destruction, finance and the consequences of creative destruction for growth, development and economic welfare.
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J. Stanley Metcalfe and Ronnie Ramlogan

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J. Stanley Metcalfe and Ronnie Ramlogan

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Ronnie Ramlogan and J. Stanley Metcalfe

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Edited by J. Stanley Metcalfe and John Foster

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Edited by J. Stanley Metcalfe and John Foster