The neo-Schumpeterian approach to innovation and Keynes’s probability: initial explorations

Marco Crocco

Brazilian Journal of Political Economy, 1999, vol. 19, issue 4, 581-601

Abstract: The aim of the paper is to show that Keynes’s concept of probability can enrichthe understanding of the process of the introduction of innovation offered by the Neo-Schumpeterian approach. To deal with uncertainty Neo-Schumpeterians introduce the conceptof routines. What is suggested here is that the concepts of Degree of Rational Belief andWeight of Argument, which come from the Keynes theory of probability, when used togetherwith the concept of routines, help understand the rationality of the decision-making processin introduction of an innovation. JEL Classification: O31.

Keywords: Neo-Schumpeterian analysis; uncertainty; innovation; probability (search for similar items in EconPapers)
Date: 1999
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