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The economics of innovation: a review article

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  • Grazia Cecere

Abstract

This article reviews two recent handbooks in economics of innovation. It analyses the large empirical evidence summarized and identifies the foundations of the theoretical approach to the economics of innovation of these two publications. We highlight their common research questions and fields of investigation, and point to differences in their orientation to research in the economics of innovation. It seems that despite the large number of sector studies and theoretical developments we need to know more about the complex interactions among agents and the effects of pecuniary externalities. Both handbooks have different objectives and theoretical underpinnings, but both conclude that innovation is as much the result of individual action as the characteristics of the system in which individual agents are embedded. Copyright European Union 2015

Suggested Citation

  • Grazia Cecere, 2015. "The economics of innovation: a review article," The Journal of Technology Transfer, Springer, vol. 40(2), pages 185-197, April.
    • Handle: RePEc:kap:jtecht:v:40:y:2015:i:2:p:185-197
    DOI: 10.1007/s10961-013-9319-6
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    References listed on IDEAS

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    1. repec:cup:jechis:v:7:y:1947:i:02:p:149-159_05 is not listed on IDEAS
    2. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March.
    3. Schultz, Theodore W, 1975. "The Value of the Ability to Deal with Disequilibria," Journal of Economic Literature, American Economic Association, vol. 13(3), pages 827-846, September.
    4. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(2), pages 331-360.
    5. Cristiano Antonelli (ed.), 2011. "Handbook on the Economic Complexity of Technological Change," Books, Edward Elgar Publishing, number 13391.
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    Cited by:

    1. Miao, Ruiqing & Ulucak, Recep & Zilberman, David, 2023. "The Political Economy of Agricultural Innovation: A Review," 2023 Annual Meeting, July 23-25, Washington D.C. 337401, Agricultural and Applied Economics Association.
    2. Ruiqing Miao & Recep Ulucak & David Zilberman, 2024. "Public agricultural research, political economy, and climate change: A literature review," Applied Economic Perspectives and Policy, John Wiley & Sons, vol. 46(3), pages 954-982, September.
    3. Smith, Robert Elliott, 2016. "Idealizations of Uncertainty, and Lessons from Artificial Intelligence," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy, vol. 10, pages 1-40.

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    More about this item

    Keywords

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    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • O4 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity

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