The Role of Innovation within Economics
نویسنده
چکیده
Comparative statics is a special case of dynamics, in which a unique stable equilibrium is assumed to exist, and two equilibria — determined by different parameter values — are compared. Similarly, dynamics is a special case of an evolutionary process, in which the degrees of freedom of the system are held constant. Marshall, whose Principles[16] played a large rôle in setting economics upon the comparative statics course, was nonetheless aware of the primacy of the evolutionary paradigm when he wrote on page xiv that:
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