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The economics of innovation : a review article

Author

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  • Grazia Cecere

    (IMT-BS - DEFI - Département Droit, Economie et Finances - TEM - Télécom Ecole de Management - IMT - Institut Mines-Télécom [Paris] - IMT-BS - Institut Mines-Télécom Business School - IMT - Institut Mines-Télécom [Paris], ADIS - Analyse des Dynamiques Industrielles et Sociales - UP11 - Université Paris-Sud - Paris 11 - Département d'Economie, LITEM - Laboratoire en Innovation, Technologies, Economie et Management (EA 7363) - EESC-GEM Grenoble Ecole de Management - UEVE - Université d'Évry-Val-d'Essonne - TEM - Télécom Ecole de Management)

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.

Suggested Citation

  • Grazia Cecere, 2015. "The economics of innovation : a review article," Grenoble Ecole de Management (Post-Print) hal-02386822, HAL.
    • Handle: RePEc:hal:gemptp:hal-02386822
    DOI: 10.1007/s10961-013-9319-6
    Note: View the original document on HAL open archive server: https://hal.science/hal-02386822
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    References listed on IDEAS

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    1. Schumpeter, Joseph A., 1947. "The Creative Response in Economic History," The Journal of Economic History, Cambridge University Press, vol. 7(2), pages 149-159, November.
    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. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 113(2), pages 331-360.
    4. Cristiano Antonelli (ed.), 2011. "Handbook on the Economic Complexity of Technological Change," Books, Edward Elgar Publishing, number 13391.
    5. 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.
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    Cited by:

    1. 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 (IfW Kiel), vol. 10, pages 1-40.

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    More about this item

    Keywords

    Economics of complexity; Economics of innovation;

    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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