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Book part
Publication date: 3 December 2018

Witold Kwasnicki

The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an…

Abstract

The author presents a comparative study of the three evolutionary economic schools, namely the Austrians, neo-Schumpeterians, and institutionalists. The comparison is based on an analysis of nine basic features of the evolutionary process and evolutionary approach, including a dynamical view of economic phenomena (seen from a historical perspective), a focus on far-from-equilibrium analysis, a proper and realistic perception of time, and a population perspective (to what extent emergent properties are results of interaction among economic agents). The relevant features of the evolutionary process are the heterogeneity and behavior of economic agents, the search for novelty based on a concept of economic agents’ hereditary information, a selection process (based on the concept of rivalry), spontaneity of development, and the presence of decision-making procedures (how economic agents make decisions, and to what extent their subjective values play a role). The goal of the comparative analysis is to estimate the level of “evolutionary content” of the three schools. My subjective evaluation suggests that only the Austrian school can be called entirely evolutionary. Slightly less evolutionary are the neo-Schumpeterians, and the least evolutionary are the institutionalists.

Article
Publication date: 8 March 2011

Marina Dabic, Vladimir Cvijanović and Miguel González‐Loureiro

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…

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Research limitations/implications

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

Originality/value

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.

Details

Management Decision, vol. 49 no. 2
Type: Research Article
ISSN: 0025-1747

Keywords

Book part
Publication date: 29 April 2013

Jie Meng

This article tries to introduce product innovation into Marxist theory of capital accumulation. Although in Grundrisse Marx has already foreseen the importance of product…

Abstract

This article tries to introduce product innovation into Marxist theory of capital accumulation. Although in Grundrisse Marx has already foreseen the importance of product innovation in overcoming the limits to capital originated from the production of relative surplus value, mainstream Marxist theories of capital accumulation have up till now made few endeavours to envisage this problem. It is argued in this chapter that to introduce product innovation into Marxist theory of accumulation depends on a reconstruction of the fundamental contradictions in capital accumulation, that is the contradiction between production of surplus value and realisation of surplus value, combined with the contradiction between exchange value and use value as the driving force in its development. The production of relative surplus value based on process innovation and consequent productivity enhancement, given any specific use value, will lead to overproduction, that is the intensification of those fundamental contradictions in accumulation, which nevertheless could be mitigated by introducing product innovation. In evaluating critically the contribution by Mandel in his long waves theory, we further argue, following the lead of neo-Schumpeterians, that there is a possibility for radical product innovations to be at least semi-endogenously induced in capital accumulation, and thus paving the way for a long boom of capitalism.

Book part
Publication date: 2 December 2021

Carlos Eduardo Suprinyak and Thiago Oliveira

Our chapter discusses the myriad ways in which Frank H. Knight’s Risk, Uncertainty, and Profit (RUP) has been incorporated by different streams of scholarship dedicated to…

Abstract

Our chapter discusses the myriad ways in which Frank H. Knight’s Risk, Uncertainty, and Profit (RUP) has been incorporated by different streams of scholarship dedicated to institutional analysis since 1990, when bibliometric evidence indicates a revival of interest in his classic work. Using citation analysis, the authors identify clusters of scholarship that build on Knight’s contributions, assessing which of his insights were absorbed by different subfields and how these have been connected to recent topics and concerns. The authors then qualitatively explore these results to throw new light on the recent history of institutional economics, using Knight’s RUP as a window into the evolution of (and inter-relations between) different research traditions that currently populate the field, including new economic sociology, comparative politics, evolutionary economics, entrepreneurial studies, environmental social sciences, international political economy, and the anthropology of finance. The authors conclude that Knight’s legacy remains unsettled, with different groups selectively absorbing a subset of his ideas and developing them in relative isolation from research conducted elsewhere. Nevertheless, boundary work connecting these separate areas reveals possible spaces for collaboration among scholars who study institutions building explicitly on Knightian insights.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Frank Knight's Risk, Uncertainty and Profit at 100
Type: Book
ISBN: 978-1-80071-149-5

Keywords

Article
Publication date: 1 May 2005

Peter L. Daniels

Aims to assess the potential for a broad “green” technoeconomic paradigm (TEP) to effectively achieve and sustain higher levels of welfare from economic and environmental sources…

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Abstract

Purpose

Aims to assess the potential for a broad “green” technoeconomic paradigm (TEP) to effectively achieve and sustain higher levels of welfare from economic and environmental sources in manylower income countries (LIC). A green TEP comprises a new socioeconomic system based upon a set of inter‐related technologies that increase human welfare, but focus upon saving material, energy and other environmental resources. TEPs have pervasive social and economic effects that include substantial productivity, trade competitiveness, and environmental quality advantages. The desirability of such economic change must incorporate the general approach of social economics and alternative notions of well‐being.

Design/methodology/approach

The paper is largely discursive in nature and provides a systematic identification of the LIC conditions that are likely to promote, and benefit from, the pervasive adoption of material‐ and energy‐saving technologies. Some results of an exploratory cross‐country study of the empirical link between technology capability and the human development index (HDI) are utilized in the discussion.

Findings

The paper concludes that a green TEP may well provide a viable alternative development approach in the LICs. The main advantages are derived from related resource efficiency gains and reductions in the socioeconomic metabolism, and the benefits of a relative production factor shift toward labor (and away from materials, energy, and environment‐intensive capital). The potential for LICs is also facilitated by the positive spillovers and decreasing cost of green TEP‐related knowledge and technology diffusion in the expanding, decentralizing global communication network. The higher income nations would need to play a significant role in this process.

Originality/value

Ecological modernisation and material and energy‐saving technologies are widely viewed as essential for achieving long‐term economic and social well‐being improvements in the twenty‐first century and beyond. Discussion of this promising approach typically assumes that this transformation is only viable in the technological and economic context of the higher income nations. However, this paper provides a detailed case for the strategic encouragement and adoption of a green TEP for sustainable economic development and environmental conditions in LICs.

Details

International Journal of Social Economics, vol. 32 no. 5
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 5 November 2018

Seth W. Norton

The purpose of this paper is to examine the link between Joseph Schumpeter’s economics and the rise of General Motors (GM).

Abstract

Purpose

The purpose of this paper is to examine the link between Joseph Schumpeter’s economics and the rise of General Motors (GM).

Design/methodology/approach

The paper uses regression analysis and time series analysis of market synchronization.

Findings

There is a strong link between GM rise to dominance of the domestic automobile industry and nuanced features of Schumpeterian economics.

Research limitations/implications

The paper furthers the examination of the role of information economics on marketing channel performance.

Practical implications

Information helps in production decisions by synchronizing production with consumer demand.

Social implications

Economic efficiency enhances the human welfare for better forecasting, lower inventories and greater profits.

Originality/value

This topic has been explored before but methodology used in this paper is innovative. The paper uses Granger causality.

Details

Journal of Entrepreneurship and Public Policy, vol. 7 no. 4
Type: Research Article
ISSN: 2045-2101

Keywords

Book part
Publication date: 25 January 2017

Abstract

Details

Building Markets for Knowledge Resources
Type: Book
ISBN: 978-1-78635-742-7

Article
Publication date: 9 May 2016

Paul Windrum, Doris Schartinger, Luis Rubalcaba, Faiz Gallouj and Marja Toivonen

The research fields of service innovation and social innovation have, until now, been largely disconnected. At the most basic level, a great many social innovations are services…

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Abstract

Purpose

The research fields of service innovation and social innovation have, until now, been largely disconnected. At the most basic level, a great many social innovations are services, often public sector services with social entrepreneurs organizing and delivering service innovations. As well as this overlap in the focus of research, scholars in both research fields address socio-economic concerns using multidisciplinary perspectives. The purpose of this paper is to provide a framework that can bridge the two research fields.

Design/methodology/approach

Inter-linkages between service and social innovation are shown by identifying research areas in which both find a joint heuristic field. This approach has been illustrated in a set of case studies in the health sector in Europe.

Findings

The bridge between social innovation and service innovation research can be built when social innovation is examined through a multi-agent framework. The authors focus on social innovations where the co-creation of novel services is guided by the prominent position taken by citizens, social entrepreneurs or third sector organizations (NGOs or charities) in the innovation process. Of particular interest are the ways in which the interests of individual users and citizens are “represented” by third sector organizations.

Practical implications

The case study of the Austrian nationwide public access defibrillation programme provides an exemplar of the process of co-creation by which this social innovation was developed, implemented and sustained. Here the Austrian Red Cross acted on behalf of citizens, organizing an innovation network capable of creating both the demand and the supply side of a sustainable market for the production and safe application of portable automated external defibrillators (AEDs) in Austria. This process involved, first, raising public awareness of the need for portable defibrillators and acting as a user representative when inducing changes in the design of portable AEDs. Later, there was the institutionalization of AED training in every first aid training in Austria, work with local manufacturers to produce this device, and with large user organizations to install AEDs on their premises.

Originality/value

The paper develops multi-agent model of innovation that enables one to synthesize key concepts in social and service innovation literatures and, thereby, examine the dynamics of invention and diffusion of social innovations.

Details

European Journal of Innovation Management, vol. 19 no. 2
Type: Research Article
ISSN: 1460-1060

Keywords

Article
Publication date: 17 June 2010

Rajneesh Narula

The eclectic paradigm as developed by Dunning evolved in response to the changing IB milieu. I argue that this continual expansion threatens to make the paradigm tautological…

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Abstract

The eclectic paradigm as developed by Dunning evolved in response to the changing IB milieu. I argue that this continual expansion threatens to make the paradigm tautological, without an honest “gatekeeper.” Continual expansion to address new lacunae begins to have decreasing returns, either because the gatekeeper cannot expect to have the specialized knowledge, or because the number of extensions makes the final product unwieldy. I propose a return to a basic eclectic paradigm, which I refer to as “EP‐lite,” that can then be complemented by other frameworks and theories as needed. In a similar vein, the growing number of sub‐categories of ownership advantages does not in itself provide greater clarity. Besides, the “correct” definition of what constitute O advantages is relative to the purpose for which it is being used.

Details

Multinational Business Review, vol. 18 no. 2
Type: Research Article
ISSN: 1525-383X

Keywords

Content available
Book part
Publication date: 8 May 2018

Nigel Culkin and Richard Simmons

Abstract

Details

Mastering Brexits Through The Ages
Type: Book
ISBN: 978-1-78743-897-2

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