This paper develops a novel interactionist theory of entrepreneurial conduct to explore the nature of Schumpeterian opportunities. Specifically, it draws attention to the significance of social interaction and emotion for the enactment of effective business innovation. Deploying constructs drawn from Randall Collins’s ‘interaction ritual chain theory’, the paper provides a model of the entrepre...

Within the last 25 years large 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 mos...

A methodology of comparative analysis of evolutionary models is proposed. The main aim of this proposition is to identify to what extend different models can be called ‘evolutionary ones’. Each model is analysed by searching for answers to following questions: • Is the model dynamical one? • Is it focused on far-from-equilibrium analysis? • What are a unit of evolution and a unit of selection? ...

We use a Schumpeterian model in which both the economy’s growth rate and its volatility are endogenously determined to assess some welfare and policy implications associated with business cycle ßuctuations. Because it features a higher average growth rate than its acyclical counterpart, steady— state welfare is higher along the cyclical equilibrium growth path of the model. We assess the impact...

This paper tries to bring together the basic explanation of monopolies and Schumpeterian hypothesis of type and size of firm stimulating innovation by taking into account some literature that relates these two. It is a brief literature synthesis and sets grounds for future empirical research to test the Schumpeterian hypotheses.

I model a mechanism through which competition can encourage innovation and growth. Although the oft-cited ‘Schumpeterian effect’ of competition is to decrease the expected rents from an innovation, the competitive process also causes a ‘thousand flowers to bloom’, and provides a mechanism for discovering the best among them. When firms are uncertain about the best direction in which to innovate...