Evolutionary Selection and Keynes–Schumpeter Macroeconomics

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Önder Nomaler (The United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT)) Danilo Spinola (Birmingham City University)

Evolutionary Selection and Keynes–Schumpeter Macroeconomics

Önder Nomaler (The United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT)), Danilo Spinola (Birmingham City University), Bart Verspagen (Maastricht University)

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English

Cambridge University Press
16 October 2025

Macroeconomics; Economic growth; Business innovation; Research & development management; Stochastics

Series: Elements in Evolutionary Economics

Summary
Details

This Element develops a stock-flow consistent agent-based macroeconomic model with Schumpeterian and Keynesian characteristics. On the Schumpeterian side, technological change is modelled as productivity growth as a result of research and development (R&D). The R&D strategies of firms are determined by an evolutionary selection process. On the Keynesian side, demand is endogenous on current income and the stock of households' financial wealth. In the long run, an evolutionary stable R&D strategy of firms emerges, leading to endogenous productivity growth. Demand adjusts endogenously to match labour-saving productivity growth, so that the employment rate is stationary, although with business cycle fluctuations. The authors use Monte Carlo simulations to analyze the emergence of an evolutionary stable R&D strategy, as well as the long-run properties of the model and the nature of business cycles. This title is also available as Open Access on Cambridge Core.

By: Önder Nomaler (The United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (UNU-MERIT)), Danilo Spinola (Birmingham City University), Bart Verspagen (Maastricht University)
Imprint: Cambridge University Press
Country of Publication: United Kingdom
Weight: 152g
ISBN: 9781009619523
ISBN 10: 1009619527
Series: Elements in Evolutionary Economics
Pages: 96
Publication Date: 16 October 2025
Audience: General/trade , ELT Advanced
Format: Paperback
Publisher's Status: Active