Marina Efthymiou and Andreas Papatheodorou
Unlike neoclassical theory, evolutionary economics considers competition as a dynamic process where the so-called unique steady state equilibrium does not exist. On the contrary, the economy is understood to be in a constant state of flux as multiple equilibria are reached temporarily, only to be subsequently disturbed by a combination of exogenous and endogenous factors in the macro- and microeconomic system (Papatheodorou, 2004). Over the last 70 years since the end of the Second World War, business dynamics in the air transport sector are notably characterised by this evolutionary process. First, creative destruction à la Schumpeter ...