Herr schumpeter and the classics

The objective of this seminar is to explore the connection between two quite different strands of economic thought, namely the Schumpeterian-evolutionary theory of innovation and competition and the classical-Sraffian theory of prices and distribution. The treatment of innovation is unavoidably complicated in both perspectives. Economies that experience innovation are by definition in transitional states; their industries are populations of firms distinguished by different methods of production, industries that are engaged in a process of adapting to the prospects generated by innovation. Since we are dealing with out of equilibrium processes of adaptation, we are dealing with a changing economic order and all that may imply for expectations by boundedly rational agents. In this talk I do not propose a synthesis between the two traditions but rather enquire whether there are mutual lessons to be learned to enrich these very different approaches to the long period evolution of capitalist economies.
 

About Stan Metcalfe

Emeritus Professor at the University of Manchester (UK)
Visiting Professor of Economics at the University of Queensland (Australia)
Senior Research Associate at the University of Cambridge (UK)
 
Professor Stan Metcalfe is Emeritus Professor at the University of Manchester (UK), visiting Professor of Economics at the University of Queensland (Australia) and Senior Research Associate at the University of Cambridge (UK). During his career he has been actively involved in the development of science and technology policy in the UK, being a member of various institutions including the Monopolies and Mergers Commission.
His research interests include evolutionary economics and the modeling of evolutionary processes in relation to innovation, competition and economic growth. He was President of the International Schumpeter Society and of the Manchester Statistical Society, President of the British Association for the Advancement of Science, Hadyn Williams Fellow at Curtin University of Technology (Perth, Australia) and Fellow Norwegian Academy of Sciences.
Most recently he has been invited by Senator Kim Carr, Australian Minister for Innovation, Industry, Science and Research, to participate as expert adviser in the review of the Australian National Innovation System.