The aim of the paper is to specify the essential roles that these models have played in two crucial developments in economic theory since the beginning of the last quarter of the twentieth century: First, they played the role of providing a basis for Schumpeter’s views in the consolidation process of separate studies on entrepreneurship and firms in a more improved theory of the firm and in the development of a distinct firm theory (the capabilities/evolutionary approach). Second, they played a pioneering role in the development of an integrated growth and international trade theory that focuses on the relationships among technological innovations, economic growth and international trade (the Schumpeterian/evolutionary growth and trade model).
In this context, we aim to evaluate these developments from the perspective of the history of economic thought and to either point out their role for bridging the gap between microeconomics and macroeconomics, or to construct a framework in which it is possible to discuss the connections among entrepreneurs, firms, innovation, growth and international trade.