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Edited by Cristiano Antonelli

This comprehensive and innovative Handbook applies the tools of the economics of complexity to analyse the causes and effects of technological and structural change. It grafts the intuitions of the economics of complexity into the tradition of analysis based upon the Schumpeterian and Marshallian legacies.
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Cristiano Antonelli

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Endogenous Innovation

The Economics of an Emergent System Property

Cristiano Antonelli

This ground-breaking new book builds upon the Schumpeterian creative response. The author shows that firms, in out-of-equilibrium conditions, try and react by means of introducing innovations. The success of their reaction is contingent upon their access conditions to knowledge, which are shaped by the system in which they operate. The emergence of new innovations can, in turn, knock firms further out-of-equilibrium and cause changes in the system properties that govern their access to external knowledge. This path dependent loop of interactions between the system properties and the individual actions of firms, accounts for endogenous innovation and the dynamics of the system.
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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.

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Innovation as a creative response

The Economics of an Emergent System Property

Cristiano Antonelli

The chapter uncovers the merits of the essay ‘The creative response in economic history’ published by Joseph Alois Schumpeter in the Journal of Economic History in 1947 and ‘almost’ forgotten since then. Correct appreciation of this contribution is important for two reasons. First, it enables us to better understand the evolution of Schumpeter’s thinking. The 1947 contribution should be regarded as the final attempt to provide a synthesis of his evolving approaches to understanding the origins, causes and consequences of innovation in economics and in the economy. Second, the 1947 essay portrays innovation as the result of a creative reaction conditional on the context in which it takes place, anticipating the notion of innovation as an emergent property of system dynamics.

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Towards an evolutionary complexity of endogenous innovation

The Economics of an Emergent System Property

Cristiano Antonelli

This chapter implements an evolutionary complexity approach that builds on the legacy of Schumpeter (1947) with the notions of: i) reactive decision-making; ii) multiple feedback; iii) innovation as the outcome of an emergent system process rather than individual action; iv); organized complexity and knowledge connectivity; iv) endogenous variety; and vi) non-ergodic path-dependent dynamics. Building on these bases, the chapter articulates an endogenous theory of innovation centred on analysis of the systemic conditions that make the creative reaction, and hence the introduction of innovations, possible.

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Innovation as an emergent system property

The Economics of an Emergent System Property

Cristiano Antonelli

This chapter summarizes the results of Part I and stresses the interdependence between the evolution of properties of the system and the creative reaction of firms.