By Andreas Pyka, John Foster
This publication is on the leading edge of the continuing ‘neo-Schumpeterian’ learn software that investigates how fiscal development and its fluctuation should be understood because the consequence of a historic strategy of financial evolution. a lot of contemporary evolutionary economics has relied upon organic analogy, specially approximately average choice. even if this can be legitimate and valuable, evolutionary economists have, more and more, all started to construct their analytical representations of monetary evolution on understandings derived from advanced platforms technology. during this e-book, the truth that monetary structures are, inevitably, complicated adaptive platforms is explored, either theoretically and empirically, in various contexts. all through, there's a basic concentration upon the interconnected tactics of innovation and entrepreneurship, that are the last word resources of all fiscal development. Twenty chapters are supplied by way of well known specialists within the similar fields of evolutionary economics and the economics of innovation.
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Additional resources for The Evolution of Economic and Innovation Systems
9 shows that Examination of Scottish and UK population statistics suggested that England and Wales, indeed, is a good proxy, especially when it is the rate of growth of total energy consumption that is the explanatory variable used in the modeling. Energy, Knowledge and Economic Growth Table 3 OLS estimates of Eq. 4: 1831–2010 with historical impulse dummy variables 29 Dependent Variable: Variable Constant et et 1 et 2 et 4 ht ht 1 [lnY/lnC]t 1 DUM184042 DUM1856 DUM1919 DUM1941 DUM2009 R-squared Adjusted R-squared Durbin-Watson [lnYt –lnYt 1 ] Coefﬁcient t-Statistic 0:13 4:34 0:14 5:31 0:11 3:86 0:04 1:68 0:04 2:12 0:61 9:45 0:14 2:10 0:10 3:84 0:05 4:51 0:05 2:95 0:08 4:33 0:05 3:14 0:05 2:90 0:70 0:66 1:91 there were some signiﬁcant outlier years.
The ﬁnal test conducted was to estimate the model over the more recent post World War Two period, when GDP growth was at its highest. Being a much smaller sample, the expectation was that the previously estimated lag structure would be less well-deﬁned and that is what was found. Once again, the results in Table 6 using this recent sample are remarkably similar to those using the full sample. Parameter stability remains very strong and the ﬁt is excellent (Fig. 10). So, overall, very strong support has been found for the super-radical innovation diffusion hypothesis concerning economic growth in the UK, as speciﬁed in Eq.
So the total energy consumption trajectory may well have a third sub-logistic fossil segment that keeps economic growth going at a brisk pace. However, the exploitation of these new fossil fuel reserves will do little to diminish the threat that cumulating negative externalities pose in a World that seems to be heading towards nine billion people by 2040. Indeed, the provision of new supplies of unconventional gas may well delay an orderly transition to renewable energy at low cost with possibly severe socio-political and environmental consequences.
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