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Archive for March 14th, 2011

We need a theory of economic dynamics in addition to the theory of equilibrium, which is all we have now.  We need a theoretical understanding of technological innovation as an economic event and its integration into economic theory and economic policy.  We need a model of the world economy and the domestic economy.  Finally we need a theory of microeconomic behaviour, that is, of the behavior of the actors — the “organisms” — of the economy.  For it is the microeconomy, in the end, that produces economic results, goods and services, jobs and incomes.
    —    Peter F. Drucker
From his book:  “The Age Of Discontinuity
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