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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

(p.16) 2 Evolutionary Innovations
Evolutionary Innovations

Maureen D. McKelvey

Oxford University Press

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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