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Innovation StudiesEvolution and Future Challenges$
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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

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

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

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

Giovanni Dosi

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199686346.003.0005

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

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