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In order to explain change and growth at the aggregate levels, three levels: macro, meso and micro must be taken into account. Applying the theories from Keynesian and post‐Keynesian economics (PKE) best explains the macro level and applying those from Schumpeterian and neo‐Schumpeterian economics (NSE) best explains the micro level. Besides this, the meso level can be further explained by merging both post‐Keynesian and neo‐Schumpeterian theories. Such a unifying approach has been missing from the literature so far. Bringing these schools of thought together is important for mutual learning and further development of innovation theory. This paper aims to effect this.

The paper presents a survey of the relevant secondary literature of the aforementioned schools of thought, identifying their methodological practice and key contributions to innovation theory.

A combination of these schools of thought offers a richer approach to studying innovation. It is found to exist in particular in the evolutionary, institutional and long‐run perspectives, in combination with emphasis on the role of finance in production.

One is invited to develop one's own theoretical and empirical approach that combines the advantages of all the schools of thought presented.

The paper is exploratory, as it reconsiders how a comprehensive approach to studying innovations can be built. It examines the existing literature. It will be of value to researchers in innovation.