Producers' Optima in Schumpeterian Evolution
Producers' Optima in Schumpeterian Evolution
Author(s): Marta Kornafel, Anna DenkowskaSubject(s): Economy, Micro-Economics
Published by: Wydawnictwo Uniwersytetu Ekonomicznego w Krakowie
Keywords: Debreu model; production system; Schumpeterian evolution; innovation; Kuratowski convergence
Summary/Abstract: The paper presents a production system in the Debreu model of general equilibrium. According to Schumpeter, economic development is possible only on the strength of innovations being introduced. This process provides a sequence of optimal production plans, corresponding to each stage of the innovative evolution. The paper characterises the sequence of optimal plans and provides the conditions for its convergence. Moreover, the limiting production plan is shown to be the producer’s optimum in the final state.
Journal: Zeszyty Naukowe Uniwersytetu Ekonomicznego w Krakowie
- Issue Year: 970/2017
- Issue No: 10
- Page Range: 55-66
- Page Count: 12
- Language: English