ABSTRACT
It is time to draw together the threads of the evolutionary economics of creative destruction. Our central theme has been competition, a process driven by rivalrous behaviour and co-ordinated by market institutions. At root, its dynamic is a matter of innovation and adaptation. We have argued for the crucial importance of understanding markets as institutions to facilitate adaptation to better conceived activities. The standards by which the market is to be judged to be operating adequately are matters of the effectiveness of markets in making widely known the rival offers to supply which are available to the population of consumers. Putting it over simply, but none the less appropriately, firms set the prices and qualities of products, markets disseminate that information. The outcome is the co-ordination of rival behaviours.
