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A fruitful methodology in the analysis of innovation is one that identifies some empirical regularities and, within these, puzzles that need to be explained; and develops appreciative theorizing, possibly grounded in rigorous case studies that help in generating hypotheses, then builds formal models to test the rigor of the argument that is being developed, and feed back into empirical analysis in terms of tests, insights, and questions. Consistency between cases, appreciative theorizing, econometrics and modeling has to be present.
Not only do different firms rely on different selection criteria, but also – and more importantly – different selection criteria interact within the same firm. In fact, Levinthal argues that one of the key competitive challenges firms face is exactly maintaining such a variety of selection criteria. While we know a lot about the processes and outcomes of variety at the technological level, we know very little about heterogeneity in selection criteria. This issue is related to at least three key areas of current research.
Nelson Introduction This chapter has three parts. I begin by endorsing Schumpeter’s argument that understanding economic growth ought to be the central focus of economic analysis, and proposing that modern evolutionary economic theory has its central focus just there. In Part II, I turn to the origins of modern evolutionary economic theory as an endeavor inspired by Schumpeter. However, I propose that, while significant progress has been made by proceeding along established paths, the endeavor now is running into diminishing returns.