Self-renewal capacity and economic growth
- Document type
- Working Paper
- Saarivirta, Toni
- Manchester Business School
- Date of publication
- 1 September 2009
- University of Manchester Business School Working Papers
- Management & leadership: including strategy, public sector management, operations and production, Trends: economic, social and technology trends affecting business
- Business and management
- Material type
This paper adopts the point of view that a crisis will face a person, organisation, region or country at some point in their life span or history. The question is how to prepare for the crises and recover from them afterwards? Some recover better than others and in a shorter time. The concept of self-renewal capacity will be introduced here as a tool to prepare for the future. Three economic theories: neoclassical and endogenous growth theories, and evolutionary economics based theory are used here as reference points in search of self-renewal capacity. The results show that endogenous growth theory gives more room for self-renewal capacity than does neoclassical growth theory, but, nonetheless, several questions, such as the dynamic of economies, remain unsolved.
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