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Evolutionary InnovationsThe Business of Biotechnology$
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Maureen McKelvey

Print publication date: 2000

Print ISBN-13: 9780198297246

Published to Oxford Scholarship Online: October 2011

DOI: 10.1093/acprof:oso/9780198297246.001.0001

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Conclusions for Evolutionary Economics

Conclusions for Evolutionary Economics

Chapter:
(p.256) 9 Conclusions for Evolutionary Economics
Source:
Evolutionary Innovations
Author(s):

Maureen D. McKelvey

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198297246.003.0009

This chapter discusses the book's description of parallel technological innovation processes which made possible the early commercial uses of genetic engineering for pharmaceuticals. The focus here has been on knowledge-seeking activities which led to results that agents could use to generate and select from alternative paths of development. The book examines technological innovation processes, which have a crucial and central role in market competition and economic change. Evolutionary economists argue that new technologies are important factors in determining the long-term viability and growth of an economy as well as the probability that individual firms will successfully compete over time. The relative importance of firms' competences versus their perceptions of opportunities is discussed here. This is placed in relation to how and why firms generate novelty leading to diversity. It is argued that the technological innovation processes described here follow an evolutionary pattern of change. One reason why evolutionary theory can be relevant for social science theory about innovations is that evolution gives us a metaphor for thinking about qualitative change.

Keywords:   technological innovation, pharmaceuticals, evolutionary economics, diversity

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