Self-renewal capacity and economic growth

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

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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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