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A Stock-Flow Analysis of a Schumpeterian Innovation Economy

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  • Stefano Lucarelli

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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 1201, Department of Economics and Technology Management, University of Bergamo.
  • Handle: RePEc:brh:wpaper:1201
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    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

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