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Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective

Author

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  • João P. Romero

    (Department of Land Economy, University of Cambridge, UK)

Abstract

The purpose of this paper is to discuss the importance of knowledge, both tacit and codified, in the formation of the state of long-term expectations that drive firms’ decisions to search for innovation and to investment in R&D. The paper takes the post-Keynesian theory as reference, associating it with the neo-Schumpeterian analysis of innovation dynamics. First, it is argued that knowledge plays a crucial role in building agents’ confidence, emphasizing that radical innovations are more dependent on the accumulation of codified knowledge, given the higher degree of uncertainty associated with this type of innovation, while incremental innovations are more dependent on tacit knowledge about the current market conditions and technological trajectory. Second, it is argued that the accumulation of knowledge and the constant introduction of innovations foster the creation of a convention to innovate, which facilitates the decision to pursue innovations by influencing long-term expectations.

Suggested Citation

  • João P. Romero, 2014. "Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 15(2), pages 189-205.
    • Handle: RePEc:anp:econom:v:15:y:2014:2:189_205
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    Citations

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    Cited by:

    1. Paredes-Frigolett, Harold & Pyka, Andreas & Leoneti, Alexandre Bevilacqua, 2021. "On the performance and strategy of innovation systems: A multicriteria group decision analysis approach," Technology in Society, Elsevier, vol. 67(C).
    2. Dziallas, Marisa & Blind, Knut, 2019. "Innovation indicators throughout the innovation process: An extensive literature analysis," Technovation, Elsevier, vol. 80, pages 3-29.
    3. Riccardo Pariboni & Pasquale Tridico, 2020. "Structural change, institutions and the dynamics of labor productivity in Europe," Journal of Evolutionary Economics, Springer, vol. 30(5), pages 1275-1300, November.
    4. Nestor Duch-Brown & Andrea de Panizza & Ibrahim Kholilul Rohman, 2016. "Innovation and productivity in a S&T intensive sector: the case of Information industries in Spain," JRC Research Reports JRC101847, Joint Research Centre (Seville site).

    More about this item

    Keywords

    Innovation; Post-Keynesian theory; Neo-Schumpeterian theory; Technology;
    All these keywords.

    JEL classification:

    • O32 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Management of Technological Innovation and R&D
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions

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