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Innovation and social probable knowledge

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  • Marco Crocco

Abstract

In this paper, some elements of Keynes's theory of probability are used to understand the process of diffusion of an innovation. Based on work done elsewhere, it is argued that this process can be viewed as a process of dealing with the collective uncertainty about how to sort out a technological problem. Expanding the concepts of weight of argument and probable knowledge to deal with this kind of uncertainty, we argue that the concepts of social weight of argument and social probable knowledge can be very helpful in understanding the process of diffusion of an innovation. Copyright 2003, Oxford University Press.

Suggested Citation

  • Marco Crocco, 2003. "Innovation and social probable knowledge," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 27(2), pages 177-190, March.
    • Handle: RePEc:oup:cambje:v:27:y:2003:i:2:p:177-190
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    1. R. M. O’Donnell, 1989. "Keynes: Philosophy, Economics and Politics," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-07027-5.
    2. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262061953, December.
    3. Runde, Jochen, 1990. "Keynesian Uncertainty and the Weight of Arguments," Economics and Philosophy, Cambridge University Press, vol. 6(2), pages 275-292, October.
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    Cited by:

    1. Nikolaos Triantafyllopoulos, 2008. "Does Land Property Structure Affect Local Development Patterns? Evidence from a Greek Tourist Area," Urban Studies, Urban Studies Journal Limited, vol. 45(4), pages 797-824, April.
    2. Marco A. Crocco, 2008. "Technical Change And Formation Of Expectations," Metroeconomica, Wiley Blackwell, vol. 59(2), pages 276-304, May.

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