Principles of Neo-Schumpeterian Economics

• Published in: Cambridge journal of economics Vol. 31; no. 2; pp. 275 - 289
• Main Authors: Hanusch, Horst, Pyka, Andreas
• Format: Journal Article
• Language: English
• Published: Oxford Oxford University Press 01-03-2007; Oxford Publishing Limited (England)
• Subjects: B52; Business innovation; Economic analysis; Economic development; Economic systems; Economic theory; Economic uncertainty; Equilibrium; Financial economics; Financial markets; G10; Industrial dynamics; Innovations; Neo-Schumpeterian Economics; Neoclassical economics; O30; O40; Principles; Public finance; Securities markets; Social innovation; Studies; Technological innovation; P0; Financial markets; L2; G10; O40; Industrial dynamics; O30; Neo-Schumpeterian Economics; Public finance; B52
• ISSN: 0309-166X; 1464-3545
• DOI: 10.1093/cje/bel018

Within the last 25 years great progress has been made in Neo-Schumpeterian Economics, this branch of economic literature which deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms. By its very nature, innovation and, in particular, technological innovation is the most exponent and most visible form of novelty. However, Neo-Schumpeterian Economics should be concerned with all facets of open and uncertain developments in socio-economic systems. A comprehensive Neo-Schumpeterian approach therefore has to consider not only transformation processes going on, e.g., on the industry level of an economy, but also on the public and monetary side of an economic system. Our contribution introduces those extensions and complements to a comprehensive Neo-Schumpeterian economic theory, and develops some signposts in the sense of a roadmap for necessary strands of analysis in the future.