Cambridge Journal of Economics Advance Access originally published online on June 21, 2006
Cambridge Journal of Economics 2007 31(2):275-289; doi:10.1093/cje/bel018
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Principles of Neo-Schumpeterian Economics
* University of Augsburg
Address for correspondence: Andreas Pyka, Economics Department, University of Augsburg, Universitätsstr. 16, D-86135 Augsburg Germany; e-mail: andreas.pyka{at}wiwi.uni-augsburg.de
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.
Key Words: Neo-Schumpeterian Economics Industrial dynamics Public finance Financial markets
JEL classifications: O30, O40, L2, P0, G10, B52
Manuscript received September 27, 2005; final version received February 13, 2006.