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Principles of Neo-Schumpeterian Economics

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  • Horst Hanusch
  • Andreas Pyka

Abstract

Within the last 25 years great progress has been made in Neo-Schumpeterian Economics, this branch of economic literature which deals with dynamic processes causing qualitative transformation of economies basically driven by the introduction of novelties in their various and multifaceted forms. By its very nature, innovation and, in particular, technological innovation is the most exponent and most visible form of novelty. However, Neo-Schumpeterian Economics should be concerned with all facets of open and uncertain developments in socio-economic systems. A comprehensive Neo-Schumpeterian approach therefore has to consider not only transformation processes going on, e.g., on the industry level of an economy, but also on the public and monetary side of an economic system. Our contribution introduces those extensions and complements to a comprehensive Neo-Schumpeterian economic theory, and develops some signposts in the sense of a roadmap for necessary strands of analysis in the future. Copyright 2007, Oxford University Press.

Suggested Citation

  • Horst Hanusch & Andreas Pyka, 2007. "Principles of Neo-Schumpeterian Economics," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 31(2), pages 275-289, March.
    • Handle: RePEc:oup:cambje:v:31:y:2007:i:2:p:275-289
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    More about this item

    JEL classification:

    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
    • L2 - Industrial Organization - - Firm Objectives, Organization, and Behavior
    • P0 - Political Economy and Comparative Economic Systems - - General
    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;

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