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The neo-Schumpeterian approach to innovation and Keynes’s probability: initial explorations

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  • Marco Crocco

Abstract

The aim of the paper is to show that Keynes’s concept of probability can enrichthe understanding of the process of the introduction of innovation offered by the Neo-Schumpeterian approach. To deal with uncertainty Neo-Schumpeterians introduce the conceptof routines. What is suggested here is that the concepts of Degree of Rational Belief andWeight of Argument, which come from the Keynes theory of probability, when used togetherwith the concept of routines, help understand the rationality of the decision-making processin introduction of an innovation. JEL Classification: O31.

Suggested Citation

  • Marco Crocco, 1999. "The neo-Schumpeterian approach to innovation and Keynes’s probability: initial explorations," Brazilian Journal of Political Economy, Center of Political Economy, vol. 19(4), pages 581-601.
    • Handle: RePEc:ekm:repojs:v:19:y:1999:i:4:p:581-601:id:1072
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    Keywords

    Neo-Schumpeterian analysis; uncertainty; innovation; probability;
    All these keywords.

    JEL classification:

    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives

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