The Conception of Innovation on the Central Theoretical Hubs of Economic Thought

Charis Vlados

No 36-2019, DUTH Research Papers in Economics from Democritus University of Thrace, Department of Economics

Abstract: Innovation seems to be one of the most critical concepts in economics discourse nowadays. However, the contribution of some of the central theoretical hubs to economic science concerning innovation is not always exploited systematically. Therefore, this article aims to present and analyze how some of the most prominent economists in the course of history have approached the issue, as well as to attempt to synthesize this knowledge. In particular, we examine the theoretical contributions of Adam Smith, Karl Marx, and Joseph Schumpeter, as well as some relatively recent theoretical approaches to innovation that appear to draw on the work of these theorists. The central conclusion of this study is that the conceptualization of innovation, either explicitly or implicitly, has deep theoretical roots while, in particular, the finding of the dynamic nature of the phenomenon of innovation seems to have been approached by most of the critical hubs of economic analysis.

Keywords: Innovation; Economic science; Adam Smith; Karl Marx; Joseph Schumpeter; Socioeconomic development; Socioeconomic dynamics (search for similar items in EconPapers)
JEL-codes: B15 B52 O39 (search for similar items in EconPapers)
Pages: 26 pages
Date: 2019-11-29
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe and nep-pke
Note: International Journal of Social Science and Economic Research, Vol. 4, No. 11, pp. 6703-6731, 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ris:duthrp:2019_036

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