Publisher's Synopsis
This collection of essays outlines an exploration of a new approach to economic theory. It examines the need to incorporate technical change into the mainstream of economic analysis and policy-making, as opposed to it being a "residual or exogenous factor".;The aim is to analyze in depth, on both a theoretical and an historical level, the role of technological change in relation to micro-economic behaviour, adjustment processes and macro-economic patterns of transformation of the economic system. It is argued that rapid technological change, innovation and entrepreneurship, recession and growth, have all become essential concepts to an understanding of an ever more complex international economic system.;The book also covers aspects of economic theory which are considered to need radical revision. In each case a thorough critique of existing mainstream theories is combined with the development of alternative theories.
