Since the reconstruction of Joseph Schumpeter’s view of innovation as a driver of capitalist development and the subsequent formation of the national innovation systems (NIS) theory in the early 1990s that can be described as neo-Schumpeterian, there has been a continuous attempt to analyse innovation. However, much of this has positioned innovation as a value-neutral process. We argue that suc...

This paper conducts a new empirical examination of the Schumpeterian hypothesis that more concentrated industries stimulate innovation. It is found that the lack of evidence for the hypothesized relationship in recent empirical work is largely due to the use of simple patent counts as the measure of innovative output. When citation-weighted patent count, arguably a more accurate measure of inno...

The purpose of this paper is to deal with questions of instability and economic crisis, deriving theoretical arguments from Schumpeter’s works and presenting relevant empirical evidence for the case of the US economy by sector of economic activity in the time period 19572006, just before the first signs of the global recession made their appearance. More precisely, we make an attempt to interpr...

Purpose – Opportunity recognition is an important aspect on entrepreneurship, especially for technology-based ventures. Drawing on Austrian economic theory, recent studies have emphasized the importance of market knowledge in opportunity recognition. Although insightful, these studies do not take account of relationships that exist between different types of knowledge (e.g. technology and marke...

Economic integration is examined in a multi-economy Schumpeterian growth model where economies differ in their research environment, and consequently in the productivity of R&D. We show that economies with more or less the same productivity of R&D integrate. In equilibrium, there can be many common markets with different growth rates as well as stagnating economies with decreasing relative inco...

A Schumpeterian growth model is constructed for an economy where wages are determined by union-firm bargaining. It is shown that the economy is subject to cycles in which capital, output and employment vary in fixed proportion. These increase through saving and capital accumulation until a new technology is introduced, at which moment they fall sharply due to obsolescence of capital. The labour...

Since the reconstruction of Joseph Schumpeter’s view of innovation as a driver of capitalist development and the subsequent formation of the national innovation systems (NIS) theory in the early 1990s that can be described as neo-Schumpeterian, there has been a continuous attempt to analyse innovation. However, much of this has positioned innovation as a value-neutral process. We argue that suc...

In this paper we show how moving from the neoclassical model to the more recent endogenous growth paradigm can lead to markedly different interpretations of the same growth accounting data. In neoclassical theory, even if between 30 and 70 per cent of the growth of output per worker in OECD countries can be ‘accounted for’ by capital accumulation, yet in the long run all of the growth in output...

Abstract In this paper, we explore the relationship between inflation and unemployment in a monetary Schumpeterian growth model. Under cash‐in‐advance (CIA) constraint on research development (R&D), higher reduces innovation increases unemployment. CIA consumption, also but decreases instead. Therefore, two constraints imply drastically different relationships This theoretical result is con...