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The Collaborative Innovation Bloc: A New Mission for Austrian Economics

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  • Elert, Niklas

    (Research Institute of Industrial Economics (IFN))

  • Henrekson, Magnus

    (Research Institute of Industrial Economics (IFN))

Abstract

We argue that scholars in the Austrian tradition of economics should incorporate the notion of a collaborative innovation bloc into their study of spontaneous market order. We demonstrate how successful entrepreneurship depends on an innovation bloc of this kind, a system of innovation that evolves and within which activity takes place through time. The innovation bloc consists of five pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary if innovation-based venturing is to flourish. The five skills are entrepreneurs, early- and later-stage-financiers, key personnel, and customers. Through real-world examples, we show how the application of the collaborative innovation bloc perspective could help make Austrian economics more concrete, relevant and persuasive, especially in regard to policy prescriptions.

Suggested Citation

  • Elert, Niklas & Henrekson, Magnus, 2018. "The Collaborative Innovation Bloc: A New Mission for Austrian Economics," Working Paper Series 1222, Research Institute of Industrial Economics.
    • Handle: RePEc:hhs:iuiwop:1222
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    Cited by:

    1. Magnus Henrekson & Anders Kärnä & Tino Sanandaji, 2022. "Schumpeterian entrepreneurship: coveted by policymakers but impervious to top-down policymaking," Journal of Evolutionary Economics, Springer, vol. 32(3), pages 867-890, July.
    2. Nicolai J. Foss & Peter G. Klein & Matthew McCaffrey, 2019. "The entrepreneurship scholar plays with blocs: Collaborative innovation or collaborative judgment?," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 321-330, December.
    3. Magnus Henrekson & Tino Sanandaji, 2020. "Measuring Entrepreneurship: Do Established Metrics Capture Schumpeterian Entrepreneurship?," Entrepreneurship Theory and Practice, , vol. 44(4), pages 733-760, July.
    4. Åsa Lindholm-Dahlstrand & Martin Andersson & Bo Carlsson, 2019. "Entrepreneurial experimentation: a key function in systems of innovation," Small Business Economics, Springer, vol. 53(3), pages 591-610, October.
    5. Randall G. Holcombe, 2022. "Creative destruction: getting ahead and staying ahead in a capitalist economy," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(4), pages 467-480, December.
    6. Henrekson, Magnus & Sanandaji, Tino, 2019. "Measuring Entrepreneurship: Do Established Metrics Capture High-Impact Schumpeterian Entrepreneurship?," Working Paper Series 1270, Research Institute of Industrial Economics.
    7. Elert, Niklas & Henrekson, Magnus, 2020. "Collaborative innovation blocs and antifragility," Journal of Institutional Economics, Cambridge University Press, vol. 16(4), pages 537-552, August.
    8. Niklas Elert & Magnus Henrekson, 2019. "The collaborative innovation bloc: A reply to our commentators," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 349-361, December.
    9. Elert, Niklas & Henrekson, Magnus, 2021. "Improved Framework Conditions for a More Entrepreneurial, Innovative and Resilient EU," Working Paper Series 1384, Research Institute of Industrial Economics, revised 23 Oct 2021.
    10. Per L. Bylund, 2019. "Where is the Austrian theory of collaborative orders? Comment on Elert and Henrekson," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 32(4), pages 339-347, December.

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    More about this item

    Keywords

    Austrian Economics; Entrepreneurship; Innovation; Institutions; Schumpeterian entrepreneurship; Spontaneous order;
    All these keywords.

    JEL classification:

    • B53 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Austrian
    • D20 - Microeconomics - - Production and Organizations - - - General
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • L23 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Organization of Production
    • L26 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Entrepreneurship
    • 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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