Jump to ContentJump to Main Navigation
Innovation StudiesEvolution and Future Challenges$
Users without a subscription are not able to see the full content.

Jan Fagerberg, Ben R. Martin, and Esben Sloth Andersen

Print publication date: 2013

Print ISBN-13: 9780199686346

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199686346.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (www.oxfordscholarship.com). (c) Copyright Oxford University Press, 2019. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a monograph in OSO for personal use (for details see www.oxfordscholarship.com/page/privacy-policy).date: 18 April 2019

Innovation, Evolution, and Economics: Where We Are and Where We Should Go

Innovation, Evolution, and Economics: Where We Are and Where We Should Go

(p.111) 5 Innovation, Evolution, and Economics: Where We Are and Where We Should Go
Innovation Studies

Giovanni Dosi

Oxford University Press

Well before innovation studies began to emerge as a field, Schumpeter had criticized the notion that the allocation of scarce resources between competing initiatives is what economics is all about. Arguably, economics should be as much about innovation-driven changes, how these are brought about, and what their consequences are. This chapter outlines the major building blocks of an interpretation of the economy as a complex evolving system and the role that innovation plays in this. Key to this is understanding how economic agents learn, create, exploit and share knowledge. To achieve this, the chapter argues, economists need to borrow heavily from cognitive and social psychology as well as from innovation studies and evolutionary economics. Other central issues for future research emphasized in the chapter are the role of selection processes, the relationship between financial dynamics and the real economy, and the determinants of the income distribution.

Keywords:   Innovation, evolution, economics, selection, financial dynamics

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .