Innovation and Dynamism. Interaction between Systems and Technical Progress
AbstractLiterature on post-socialist transformation usually deals with the political, economic and social sides of it. But the relative advantages of capitalist and socialist systems in terms of the incentives for entrepreneurship and innovation process attracted less attention. It is well known that every revolutionary new product (for civilian use) has been brought about by the capitalist system and that the socialist system was capable at most of developing new military products. Innovation has deeply transformed our daily lives but many people, while deeming all these changes favorable, seldom discern the causal relation between the capitalist system and rapid technical progress. The usual syllabus of microeconomics does not enlighten students on this important virtue of capitalism, neither is it adequately emphasized in the statements of leading politicians. The article analyzes how far the radical difference between socialist and capitalist innovation can be explained by the innate tendencies and basic attributes of the two systems and provides strong arguments in favor of capitalism.
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Bibliographic InfoArticle provided by N.P. Redaktsiya zhurnala "Voprosy Economiki" in its journal Voprosy Economiki.
Volume (Year): 4 (2012)
Issue (Month): ()
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Web page: http://www.vopreco.ru/eng/year.html
capitalist system; socialist system; innovation; technical progress; Schumpeterian entrepreneurship.;
Other versions of this item:
- Kornai, János, 2010. "Innovation and Dynamism: Interaction between Systems and Technical Progress," Working Paper Series UNU-WIDER Working Paper W, World Institute for Development Economic Research (UNU-WIDER).
- C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
- E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
- E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions
- F40 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - General
- G01 - Financial Economics - - General - - - Financial Crises
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- Ofer, Gur, 2010. "Twenty Years Later and the Socialist Heritage is still Kicking: the Case of Russia," Working Paper Series wp2010-59, World Institute for Development Economic Research (UNU-WIDER).
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