The state and the evolution of Economics of innovation

This seminar is the third of the Three lectures on the State and evolution of Economics thinking that brought prominent scholars to the School of Social Sciences this academic year.

Venue

Room 5, Department of Sociology and Social Research – via Verdi 26, Trento

Speaker

Prof. Cristiano Antonelli– University of Turin

Abstract 

This seminar is based upon the paper Endogenous innovation: fromt the Schumpeterian creative response to an emerging system property.The paper articulates and implements the notion of creative response, introduced by Schumpeter in 1947, to overcome the limits of both evolutionary approaches, based upon biological metaphors, and the new growth theory, and to implement the tools of the economics of complexity. 

Economics of innovation can make considerable progress integrating into the Schumpeterian notion of creative reaction the notions of: i) bounded and procedural rationality; ii) feedback based on knowledge interactions; iii) innovation as the product of a systemic process rather than individual action; iv) the endogenous fragility of the systemic conditions that make the creative reaction and hence the introduction of innovations possible; v) endogenous origins of variety and mismatches between agents’ plans and actual market conditions; and vi) non ergodic path dependent dynamics. The integration of these elements enables to grasping innovation as an emergent system property.