Abstract: This chapter poses the question: How we can analyze, conceptually and empirically, whether or not certain types of change have occurred? It points out research areas to further address how, why, and in what dimensions such transformation has occurred. It first addresses how the amount or degree of ‘change’ be conceptualized, as compared to the amount or degree of ‘not change’. Three concepts are introduced: novelty, destruction, and renewal. The chapter then explains six points about how flexibility and stability can be understood from a paradigmatic perspective on the innovating and transforming economy.

Keywords: transformation, degree of change, novelty, destruction, renewal, paradigmatic perspective, industrial dynamics,