Essays in Honour of Horst Hanusch
Edited by Andreas Pyka, Uwe Cantner, Alfred Greiner and Thomas Kuhn
Chapter 5: The Role of Information and Risk Sharing for R & D Investment, Technological Change and Economic Welfare
5. The role of information and risk sharing for R&D investment, technological change and economic welfare Burkhard Drees and Bernhard Eckwert* INTRODUCTION 1. The founding of the Schumpeter Society in 1986 and the annual scientific conferences that the society has organized have had a considerable impact on how economists think about technological change and the evolution of economies. Horst Hanusch, one of the founding members of the Schumpeter Society, has witnessed and, to a considerable extent, shaped the change of paradigms in evolutionary economics over the past two decades (see Hanusch, 1993). His work and his scientific activities within the Schumpeter Society have stimulated research interest in the economics of innovation and technological development. While most of Hanusch’s contributions are firmly rooted in a Schumpeterian theoretical framework (Hanusch, 1994; Cantner and Hanusch, 1997; Greiner and Hanusch, 1998; Balzat and Hanusch, 2004; Hanusch and Pyka, 2007), he has also influenced strands of the literature in other areas. Examples include the growing literature on European integration, financial market development, and international trade (Hanusch and Cantner, 1993; Hanusch, 1998, 2001; Balzat and Hanusch, 2004; Hanusch and Sommer, 2007). This chapter examines a specific aspect of the evolution of economies. We analyse technological development and economic welfare when, in the process of economic integration, the dissemination of information throughout the economy becomes more effective and more reliable. It turns out that the implications of more reliable information are not always straightforward or benign. Instead, these implications are determined by complex market interactions, and...
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