Books by Richard R. Nelson

Technological advance is the key driving force behind economic growth, argues Richard Nelson. Drawing on a deep knowledge of economic and technological history as well as the tools of economic analysis, he exposes the intimate connections among government policies, science-based universities, and the growth of technology.

This book mounts a full-blown attack on the standard neo-classical theory of economic growth, which Nelson sees as hopelessly inadequate to explain the phenomenon of economic growth. He presents an alternative theory which highlights that economic growth driven by technological advance involves disequilibrium in a fundamental and continuing way.

Nelson and Winter focus their critique on the basic question of how firms and industries change overtime. They marshal significant objections to the fundamental neoclassical assumptions of profit maximization and market equilibrium, which they find ineffective in the analysis of technological innovation and the dynamics of competition among firms.