IDEAS home Printed from https://ideas.repec.org/p/brg/wpaper/1201.html
   My bibliography  Save this paper

A Stock-Flow Analysis of a Schumpeterian Innovation Economy

Author

Listed:
  • Stefano Lucarelli

Abstract

Credit money plays a crucial role in Schumpeterian theoretical analysis of economic development. Nevertheless, it is not simple to propose an analytical framework which is able to clarify the meaning of credit creation considered as the monetary complement of innovation. This contribution aims to describe Schumpeterian economic development in a “monetary theory of production” framework. According to the Schumpeterian perspective, we propose to emphasize within the monetary circuit both the monetary nature and the qualitative change of the capitalist system (i.e. the innovative process). We will describe the different phases of Schumpeterian economic development by employing a set of accounting matrixes, which allows us to respect the condition of stock-flow consistency.

Suggested Citation

  • Stefano Lucarelli, 2012. "A Stock-Flow Analysis of a Schumpeterian Innovation Economy," Working Papers (-2012) 1201, University of Bergamo, Department of Economics.
    • Handle: RePEc:brg:wpaper:1201
    as

    Download full text from publisher

    File URL: http://aisberg.unibg.it/bitstream/10446/26746/1/Lucarelli%20n.%201-2012.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Marc Lavoie, 1992. "Foundations of Post-Keynesian Economic Analysis," Books, Edward Elgar Publishing, number 275.
    2. C. Perez, 2007. "Finance and Technical Change: A Long-term View," Chapters, in: Horst Hanusch & Andreas Pyka (ed.), Elgar Companion to Neo-Schumpeterian Economics, chapter 49, Edward Elgar Publishing.
    3. Giovanni Dosi & Jean-Luc Gaffard & Lionel Nesta, 2008. "Schumpeterian themes on industrial evolution, structural change and their microfoundations: an introduction," Post-Print halshs-00375529, HAL.
    4. Thomas M. Humphrey, 1987. "The theory of multiple expansion of deposits: what it is and whence it came," Economic Review, Federal Reserve Bank of Richmond, vol. 73(Mar), pages 3-11.
    5. Winter, Sidney G., 1984. "Schumpeterian competition in alternative technological regimes," Journal of Economic Behavior & Organization, Elsevier, vol. 5(3-4), pages 287-320.
    6. Fumagalli, Andrea, 2008. "Innovative Activity as Factor of Instability in a Monetary Production Economy," European Journal of Economic and Social Systems, Lavoisier, vol. 21(2), pages 267-288.
    7. Giuseppe Fontana & Riccardo Realfonzo, 2005. "Introduction: The Monetary Theory of Production," Palgrave Macmillan Books, in: Giuseppe Fontana & Riccardo Realfonzo (ed.), The Monetary Theory of Production, pages 1-19, Palgrave Macmillan.
    8. Graziani,Augusto, 2003. "The Monetary Theory of Production," Cambridge Books, Cambridge University Press, number 9780521812115.
    9. Wynne Godley, 1996. "Money, Finance and National Income Determination: An Integrated Approach," Economics Working Paper Archive wp_167, Levy Economics Institute.
    10. Yuri Biondi, 2008. "Schumpeter's Economic Theory and the Dynamic Accounting View of the Firm: Neglected Pages from the Theory of Economic Development," Post-Print hal-00406238, HAL.
    11. Jean-Vicent Accoce & Tarik Mouakil, 2007. "The Monetary Circuit Approach: A Stock-flow Consistent Model," Chapters, in: Eckhard Hein & Achim Truger (ed.), Money, Distribution and Economic Policy, chapter 4, Edward Elgar Publishing.
    12. Dosi, Giovanni, 1990. "Finance, innovation and industrial change," Journal of Economic Behavior & Organization, Elsevier, vol. 13(3), pages 299-319, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Richters, Oliver & Siemoneit, Andreas, 2017. "Consistency and stability analysis of models of a monetary growth imperative," Ecological Economics, Elsevier, vol. 136(C), pages 114-125.
    2. Passarella, Marco, 2012. "A simplified stock-flow consistent dynamic model of the systemic financial fragility in the ‘New Capitalism’," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 570-582.
    3. Caiani, Alessandro & Catullo, Ermanno & Gallegati, Mauro, 2019. "The effects of alternative wage regimes in a monetary union: A multi-country agent based-stock flow consistent model," Journal of Economic Behavior & Organization, Elsevier, vol. 162(C), pages 389-416.
    4. Massimo Cingolani, 2008. "Full Employment as a Possible Objective for EU Policy I. A Perspective From the Point of View of The Monetary Circuit," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 55(1), pages 89-114, March.
    5. Alessandro Caiani & Antoine Godin & Stefano Lucarelli, 2015. "Innovation and Finance: A Stock Flow Consistent Analysis of Great Surges of Development," Economic Complexity and Evolution, in: Andreas Pyka & John Foster (ed.), The Evolution of Economic and Innovation Systems, edition 127, pages 401-430, Springer.
    6. Eugenio Caverzasi & Antoine Godin, 2013. "Stock-flow Consistent Modeling through the Ages," Economics Working Paper Archive wp_745, Levy Economics Institute.
    7. Jo Michell, 2017. "Do Shadow Banks Create Money? ‘Financialisation’ and the Monetary Circuit," Metroeconomica, Wiley Blackwell, vol. 68(2), pages 354-377, May.
    8. Wenzlaff, Ferdinand & Kimmich, Christian & Richters, Oliver, 2014. "Theoretische Zugänge eines Wachstumszwangs in der Geldwirtschaft," ZÖSS-Discussion Papers 45, University of Hamburg, Centre for Economic and Sociological Studies (CESS/ZÖSS).
    9. Juan Hernández Andreu & Guido Tortorella Expósito, 2014. "Incertidumbre, ciclo económico y crisis según el enfoque continuista del pensamiento keynesiano [Uncertainty, economic cycles and economic crises according to the continuism approach of Keynesian t," Iberian Journal of the History of Economic Thought, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Dpto. Historia e Instituciones Económicas I., vol. 1(1), pages 44-72, September.
    10. Giuseppe Fontana, 2006. "The 'New Consensus' View of Monetary Policy: A New Wicksellian Connection?," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 3(2), pages 263-278.
    11. Alessandro Caiani & Ermanno Catullo & Mauro Gallegati, 2018. "The effects of fiscal targets in a monetary union: a multi-country agent-based stock flow consistent model," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 27(6), pages 1123-1154.
    12. Marc Lavoie & Wynne Godley, 2000. "Kaleckian Models of Growth in a Stock-Flow Monetary Framework: A Neo-Kaldorian Model," Economics Working Paper Archive wp_302, Levy Economics Institute.
    13. Louis-Philippe Rochon & Sergio Rossi, 2013. "Endogenous money: the evolutionary versus revolutionary views," Review of Keynesian Economics, Edward Elgar Publishing, vol. 1(2), pages 210-229, January.
    14. Massimo Cingolani, 2013. "Finance Capitalism: A Look at the European Financial Accounts," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 60(3), pages 249-290, May.
    15. Brancaccio, Emiliano & Giammetti, Raffaele & Lopreite, Milena & Puliga, Michelangelo, 2019. "Monetary policy, crisis and capital centralization in corporate ownership and control networks: A B-Var analysis," Structural Change and Economic Dynamics, Elsevier, vol. 51(C), pages 55-66.
    16. Sergio Cesaratto, 2016. "When Robertson was Keynesian and Keynes Robertsonian: a discussion between D.H.R. and J.M.K. in the early 1930s and the problems with the Monetary Circuit Theory. A note," Department of Economics University of Siena 732, Department of Economics, University of Siena.
    17. Michalis Nikiforos & Gennaro Zezza, 2017. "Stock†Flow Consistent Macroeconomic Models: A Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 31(5), pages 1204-1239, December.
    18. Fierro, Luca Eduardo & Caiani, Alessandro & Russo, Alberto, 2022. "Automation, Job Polarisation, and Structural Change," Journal of Economic Behavior & Organization, Elsevier, vol. 200(C), pages 499-535.
    19. Gennaro Zezza, 2004. "Some Simple, Consistent Models of the Monetary Circuit," Macroeconomics 0405006, University Library of Munich, Germany.
    20. Alessandro Caiani & Antoine Godin & Stefano Lucarelli, 2012. "Schumpeter in a matrix: a Stock Flow Consistent analysis of technological change," Quaderni di Dipartimento 175, University of Pavia, Department of Economics and Quantitative Methods.

    More about this item

    JEL classification:

    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:brg:wpaper:1201. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: University of Bergamo Library (email available below). General contact details of provider: https://edirc.repec.org/data/deberit.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.