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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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Evolutionary Innovations

Evolutionary Innovations

Chapter:
(p.16) 2 Evolutionary Innovations
Source:
Evolutionary Innovations
Author(s):

Maureen D. McKelvey

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780198297246.003.0002

This chapter analyses parallel historical technological innovation processes in order to develop more general theories and comments about technological change in modern market economies. A technological innovation process means the process whereby agents act to transform new knowledge, inventions, and/or scientific techniques into economic value, often through products, production processes, and/or changes to the organization. The focus here therefore is not on why a product is successful in a market or why a technology functions but is instead on the scientific, technological, and other knowledge-seeking activities enabling technical change. It is argued that innovation processes are constituted by many knowledge-seeking activities, whereby agents' perceptions and actions are translated into practice. Evolution as defined here draws on an explicit comparison of evolutionary theories for biology and socio-economic phenomena. The perspective of evolutionary innovation has close ties to evolutionary economics but also to other social sciences.

Keywords:   technological innovation, theories, modern market economies, technology, evolutionary economics, evolution

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