Innovation Heterogeneity, Schumpeterian Growth and Evolutionary Theorizing

Eduardo Pol () and Peter Carroll
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Eduardo Pol: University of Wollongong, http://business.uow.edu.au/econ/who/index.html

Economics Working Papers from School of Economics, University of Wollongong, NSW, Australia

Abstract: Schumpeterian growth models revolve around two tacit assumptions that are at odds with the empirical evidence, namely: all innovations are equally important for economic growth (equipollent innovation) and all innovations occur in one sector only (confined innovation). The present paper shows that it is possible to dispose of both implicit assumptions by disaggregating the "ideas production function" without altering the gist of the theoretical framework. The paper refers briefly to the concepts of macro and microinventions, and introduces the concept of "innovatory discontinuity". The extended theoretical framework developed here throws light on the ongoing controversy between neoclassical and evolutionary theorizing.

Keywords: Innovation heterogeneity; ideas production function; scale effects problem; innovatory discontinuity; neoclassical and evolutionary theorizing (search for similar items in EconPapers)
JEL-codes: O31 O32 (search for similar items in EconPapers)
Pages: 18 pages
Date: 2004
New Economics Papers: this item is included in nep-dev, nep-ent, nep-ino and nep-pke
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Persistent link: https://EconPapers.repec.org/RePEc:uow:depec1:wp04-21

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