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Schumpeter and Schumpeterians on economic policy issues: re-reading Schumpeter through the lens of institutional and behavioral economics. An introduction to the special issue

Agnès Festré (), Odile Lakomski-Laguerre () and Stéphane Longuet ()
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Odile Lakomski-Laguerre: University Picardie Jules Verne and CRIISEA
Stéphane Longuet: University Picardie Jules Verne and CRIISEA

Journal of Evolutionary Economics, 2017, vol. 27, issue 1, 3-24

Abstract: Abstract We develop a critical interpretation of Schumpeter’s thinking that allows two alternative ‘operationalizations’ of his theoretical approach to economic development and institutions. We show that they are compatible with the two dominant neo-Schumpeterian economic dynamics approaches - one focused on the national economic and institutional conditions required for a commitment to an innovation based strategy for competing at the world technology frontier, and one that combines Schumpeter’s insights on technological change with Keynesian policies supporting demand for consumer goods and investment in the context of radical uncertainty and heterogeneous behavior. The implications for policy of these two perspectives are discussed in relation to Schumpeter’s ambiguous stance on economic policy issues. Finally, based on an articulation of institutions and individual behavior in light of recent developments in behavioral economics, we provide some implications for new perspectives on economic policy.

Keywords: Schumpeter; Institutional economics; Behavioral economics; Innovation; Economic policy (search for similar items in EconPapers)
JEL-codes: B00 B4 B5 E6 E10 O1 (search for similar items in EconPapers)
Date: 2017
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