Re: [Pen-l] normative claims for the market [was: supply and demand

[Michael Nuwer]

Jim Devine wrote:
> ... what normative justifications
> are there for the market? First, ... 
> 
> Second, ... 

Another comes from the neo-Schumpeterians. They adopt an evolutionary 
(but non-Darwinian) approach to economic analysis. Their main focus is 
on the capacity of a market system to generate "novelty" which, in their 
view, is the foundation for innovation and development. This makes the 
market system "progressive." Their normative justification is that 
progressive characteristic. Members of this "school" are found mostly in 
Europe and Australia.

Journal of Evolutionary Economics
http://www.springerlink.com/content/100519/

International Joseph A. Schumpeter Society
http://www.iss-evec.de/information.htm

An overview of this group; by John Nightingale & Jason Potts
http://www.paecon.net/PAEtexts/Potts-Nightingale1.htm

Horst Hanusch and Andreas Pyka, "Principles of Neo-Schumpeterian
Economics," Cambridge Journal of Economics 2007, 31, 275–289

Jan Fagerberg, "A Layman’s Guide to Evolutionary Economics"
http://www.duo.uio.no/publ/tik/2003/13936/WPnr17_Fagerbergs_Laymans_Guide.pdf
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