Horst Hanusch, Andreas Pyka
Principles of Neo-Schumpeterian Economics
Abstract:
Within the last 25 years large 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. Therefore it is not very surprising that
Neo-Schumpeterian Economics today has its most prolific fields in the
studies of innovation and learning behavior on the micro-level of an
economy, the studies on industry dynamics on the meso-level and studies
of innovation driven growth and competitiveness on the macro-level of
the economy. From a general point of view, however, the future
developmental potential of socio-economic systems i.e. innovation in a
very broad understanding encompassing besides technological innovation
also organizational, institutional and social innovation has to be
considered as the normative principle of Neo-Schumpeterian Economics.
In this sense, innovation plays a similar role in Neo-Schumpeterian
Economics like prices do in Neoclassical Economics. Instead of
allocation and efficiency within a certain set of constraints,
Neo-Schumpeterian Economics is concerned with the conditions for and
consequences of a removal and overcoming of these constraints limiting
the scope of economic development. Thus, Neo-Schumpeterian Economics is
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 guideposts in the sense of a roadmap
for necessary strands of analysis in the future in order to fulfill the
claim of becoming a comprehensive approach comparable to neoclassical
theory.
JEL: O30, O40, L2, P0, G10, B52
Paper:
Paper available as pdf-file.
Beitrag Nr. 278, Volkswirtschaftliche Diskussionsreihe, Institut
für
Volkswirtschaftslehre der Universität Augsburg
Contact:
Horst
Hanusch, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
E-Mail: horst.hanusch@wiwi.uni-augsburg.de
Andreas Pyka, University of Augsburg, Department of Economics,
Universitätsstr. 16, D-86159 Augsburg, Phone +49-821-598-4179, Fax
+49-821-598-4229
v.
K., 14.09.2005