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EN
The aim of the paper is to reconstruct the Senian idea of development as a growing range of freedoms in the research program of modelling Schumpeterian evolutionary economics in the dynamical version of the Arrow-Debreu general equilibrium theory. In the context of the Schumpeterian circular flow freedom of choice of consumers and producers is studied in both qualitative and quantitative setting. The static results presented in the form of mathematical theorems are generalized by use of the theory of quasi-semi-dynamical systems, where cumulative extension of economic systems under consideration is preserved over time and models a growing range of freedoms as well as their quality.
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In the Schumpeterian vision of economic development economic evolution is based on the innovative activities of producers and evolutionary changes in the production sphere realized through credits created by banks from savings. The possibility of innovative changes in the demand sphere and the active role of consumers in innovative processes are neglected. Hence the main aim of this paper is an extension of the previous results obtain in the formal modelling of Schumpeter’s theory through the axiomatical analysis of innovative changes in the consumer in the formal apparatus of the modern Arrow-Debreu theory of general equilibrium.
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