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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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Chapter 5: A bird’s-eye view of the economics of knowledge

The Economics of an Emergent System Property

Cristiano Antonelli

Extract

This chapter provides a synthesis of the main themes of the economics of knowledge. It recalls the Arrovian analysis of knowledge as an economic good and explores their implications. It also highlights the important role of the constructionist design methodology (CDM) approach that enables us to explore the systemic interaction between the knowledge-generation process and the technology-production function.

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