Browse by title

You are looking at 1 - 7 of 7 items :

  • Economics of Innovation x
  • Innovation and Technology x
  • Economics 2017 x
  • All accessible content x
Clear All
This content is available to you

Standing on the shoulders of giants

The Economics of an Emergent System Property

Cristiano Antonelli

This chapter highlights the limits of current approaches to the economics of innovation. It also stresses their role in articulating a theory of innovation as an endogenous process that relies upon the characteristics of the system in which the response of firms to unexpected mismatches in both labour and factor markets takes place. The role of Marshallian contributions to Schumpeterian thinking is stressed.

This content is available to you

Richard Hawkins and Knut Blind

This introduction explores the conceptual background and definitions that pertain to understanding standards and standardization in the context of innovation. A general overview is provided of the themes explored in the chapters that follow.

This content is available to you

Martin Andersson, Lina Bjerke and Charlie Karlsson

This content is available to you

Edited by Charlie Karlsson, Martin Andersson and Lina Bjerke

This content is available to you

Edited by Franco Malerba, Sunil Mani and Pamela Adams

This content is available to you

Franco Malerba, Sunil Mani and Pamela Adams

This content is available to you

What capitalism was

Technology Displaced by Financial Innovation

William Kingston

Capitalism was not an inevitable historical evolution, but a unique combination of a particular emphasis on the value of individuals and individual property rights. During the past three centuries, as McCloskey has estimated it, individuals in the Western world have become richer by a factor of 30. Schumpeter wrote what was intended to be history of it in terms of economic ‘cycles’, but was weak on the causality of these because he did not give enough importance to institutions. However, in the form of changing property rights, these are the key to the origin and development of capitalism. The wealth that this generated came from technological innovation, but the pace of this slowed after World War I, and after a brief resurgence due to the Second World War, it was progressively replaced by innovations in finance. Capitalism’s power to generate real wealth was eroded from within, and Schumpeter’s prediction of its replacement by socialism became increasingly plausible.