Technology and economic theory

Metcalfe, J. Stanley

doi:10.1093/cje/bep075

Cited by 48 publications

(29 citation statements)

References 26 publications

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“…According to the former perspective, innovation is brought to the market when firms anticipate strong demand; in the latter view innovation is supported by science-related developments and is triggered by relative prices in a feasible production set. Moreover, innovation is persistently characterized by the presence of specific technological and production capabilities (Pavitt, 1984;Dosi, 1988;Malerba, 2002;Metcalfe, 2010). On the technology side, in our analysis we build on the Schumpeterian distinction pointed out by Pianta (2001) between product and process innovation that helps identify heterogeneity in the determinants of innovative success.…”

Section: Innovation and Export Success: Concepts And Literaturementioning

confidence: 99%

Export, R&D and new products. a model and a test on European industries

2016

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In this article we extend the model developed by Pianta (2013a, 2013b) on the link between R&D, innovation and economic performance, considering the impact of innovation of export success. We develop a simultaneous three equation model in order to investigate the existence of a 'virtuous circle' between industries' R&D, share of product innovators and export market shares. We investigate empiricallyat the industry levelthree key relationships affecting the dynamics of innovation and export performance: first, the capacity of firms to translate their R&D efforts in new products; second, the role of innovation as a determinant of export market shares; third, the export success as a driver of new R&D efforts. The model is tested for 38 manufacturing and service sectors of six European countries over three time periods from 1995 to 2010. The model effectively accounts for the dynamics of R&D efforts, innovation and international performances of European industries. Moreover, important differences across countries emerge when we split our sample in a Northern group -Germany, the Netherlands and the United Kingdom and a Southern group -France, Italy and Spain. We find that the 'virtuous circle' between innovation and competitiveness holds for Northern economies only, while Southern industries fail to translate innovation efforts into export success.

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Section: Innovation and Export Success: Concepts And Literaturementioning

confidence: 99%

Export, R&D and new products. a model and a test on European industries

2016

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“…The effect of habits and routines can be used to distinguish the different dynamics of self-organization, cumulative causation, and feedback (Ibid.). If societies can successfully combine and embed new forms of knowledge into their firms, other constructs such as innovation, cumulative causation, or path dependence can explain coordination and novelty in traditions such as neo-Marxian political economy (e.g., Amsden 1989), emergent knowledge (Metcalfe 2010), technological paradigms (Dosi 1982), or variety and demand (Saviotti 1994(Saviotti , 1996. Some are more "developmental" as case 2 has discussed.…”

Section: Casementioning

confidence: 97%

Institutional variety and the future of economics

Srinivas

2020

Rev Evol Polit Econ

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Economics depends heavily on assumptions made about the phenomenon of institutional variety and its implications for technological capabilities in economic development. This article contributes to new ways of thinking of institutional variety in order to advance scientific argument within the broad tradition of evolutionary political economy (EPE). First, it draws on the Nyāya (Hindu) systems of logic and reasoning about inference and judgement which can potentially reveal inter-and intra-paradigmatic differences for EPE and economics. Second, it uses four brief illustrative cases from the author's development research on technological learning and innovation to argue for more explicit and systematic treatment of inference and judgement about institutional variety. Implications for the future of economics are briefly discussed.

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“…The human capacity to acquire and use new knowledge accelerates this process in three ways: it can enable energy to be used more efficiently, it can find new uses for any consequent energy surpluses and it can find ways of extracting more useful energy from the environment. The history of economic emergence is replete with innovations that have enabled the substitution of inanimate energy for human physical and mental effort, and the marked rise in the capital/labour ratio is indicative of this process (see Metcalfe (2010a)). …”

Section: Emotions Energy and Emergencementioning

confidence: 99%

Economic emergence: An evolutionary economic perspective

Foster

Metcalfe²

2012

Journal of Economic Behavior & Organization

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may AbstractThe standard neoclassical approach to economic theorizing excludes, by definition, economic emergence and the related phenomenon of entrepreneurship. We explore how the most economic of human behaviours, entrepreneurship, came to be largely excluded from mainstream economic theory. In contrast, we report that evolutionary economists have acknowledged the importance of understanding emergence and we explore the advances that have been made in this regard. We go on to argue that evolutionary economics can make further progress by taking a more naturalistic approach to economic evolution. This requires that economic analysis be fully embedded in complex economic system theory and that associated understandings as to how humans react to states of uncertainty be explicitly dealt with. We argue that knowledge, because of the existence of uncertainty is, to a large degree conjectural and, thus, is closely linked to our emotional states. Our economic behaviour is also influenced by the reality that we, and the systems that we create, are dissipative structures. Thus, we introduce the notions of energy gradients and knowledge gradients as essential concepts in understanding economic emergence and resultant economic growth.* The authors are very grateful to David Harper for his comments on an earlier version of this paper. The usual disclaimer applies.#1112 2 IntroductionConventional neoclassical economics has at its core the presumption that economic decision making is a matter of cold logic, namely, the application of a constrained optimisation rule. Over the past three decades, this rule has become set, increasingly, in the context of strategic interactions although much of macroeconomics continues to apply it in the context of a single representative agent. Despite the analytical precision that such a rule provides, it can only approximate actual behaviour in historical time when there is either certainty or quantifiable risk, i.e., in simplistic contexts (Foster (2005)). It can only be used to calculate from calculable information. It cannot approximate economic decision-making when there is uncertainty, i.e., the absence of knowledge of the full set of events faced and the probabilities associated with them. Significant technological, organizational or institutional changes occur in states of uncertainty and, furthermore, these changes, in turn, can create new uncertainties in an economic system. This uncertain...

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Technology and economic theory

Cited by 48 publications

References 26 publications

Export, R&D and new products. a model and a test on European industries

Export, R&D and new products. a model and a test on European industries

Institutional variety and the future of economics

Economic emergence: An evolutionary economic perspective

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