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Innovation, Externalities, and the State: A Synergetic Approach

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  • Woeckener, B

Abstract

A politicoeconomic model dealing with the interaction of private innovation and public regulation is presented. Causes and effects of this interdependence are investigated with special regard to the externalities which accompany innovations and make them into a partly public good. Our main hypothesis is that the collective character of inventive activity gives rise to synergetic effects. This hypothesis is supported by a microfoundation based on a nonlinear Markov process. Furthermore, the consequences of such synergetic innovation processes are examined: persistent disequilibrium, multiple equilibria, lock-in, path dependence, and chaos. Finally, some policy implications are derived concerning the effects of a general public promotion of innovations and of a selective industrial policy.

Suggested Citation

  • Woeckener, B, 1993. "Innovation, Externalities, and the State: A Synergetic Approach," Journal of Evolutionary Economics, Springer, vol. 3(3), pages 225-248, August.
    • Handle: RePEc:spr:joevec:v:3:y:1993:i:3:p:225-48
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    Cited by:

    1. von Wangenheim Georg, 2011. "Evolutionary Theories in Law and Economics and Their Use for Comparative Legal Theory," Review of Law & Economics, De Gruyter, vol. 7(3), pages 737-765, December.
    2. Woeckener, Bernd, 2000. "The competition of user networks: ergodicity, lock-ins, and metastability," Journal of Economic Behavior & Organization, Elsevier, vol. 41(2), pages 85-99, February.
    3. Woeckener, Bernd W., 1998. "The competition of user networks: Ergodicity, lock-ins, and metastability," Tübinger Diskussionsbeiträge 127, University of Tübingen, School of Business and Economics.

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