Hardback
The Evolutionary Complexity of Endogenous Innovation
The Engines of the Creative Response
9781788113786 Edward Elgar Publishing
The notion of endogenous innovation as the outcome of the creative response of firms to out-of-equilibrium conditions is the cornerstone of the new evolutionary complexity. This book elaborates and applies the theoretical framework established in the author’s previous work Endogenous Innovation: The Economics of an Emergent System Property. This volume carefully explores the role of the reactivity of firms to out-of-equilibrium conditions. It also examines the quality of knowledge governance mechanisms in assessing the levels of externalities that define the likelihood of creative responses, as an alternative to adaptive responses.
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Critical Acclaim
Contents
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The notion of endogenous innovation as the outcome of the creative response of firms to out-of-equilibrium conditions is the cornerstone of the new evolutionary complexity. In this book, Cristiano Antonelli elaborates, applies and tests, with his colleagues, the Schumpeterian framework established in the author’s previous work Endogenous Innovation: The Economics of an Emergent System Property.
The author carefully explores the role of the reactivity of firms to out-of-equilibrium conditions with a unique mix of econometric tools and simulation techniques. He examines the central role of knowledge externalities in shaping the likelihood of creative responses, and hence the generation of new knowledge and the introduction of innovations, as an alternative to adaptive responses that lead the system to equilibrium with no growth. In so doing, he confirms that innovation is the outcome of the interaction between individual decision-making and the endogenous and path-dependent properties of the system into which firms are embedded.
This original and insightful work will be required reading for all those working on evolutionary economics, complexity economics and the economics of innovation and knowledge.
The author carefully explores the role of the reactivity of firms to out-of-equilibrium conditions with a unique mix of econometric tools and simulation techniques. He examines the central role of knowledge externalities in shaping the likelihood of creative responses, and hence the generation of new knowledge and the introduction of innovations, as an alternative to adaptive responses that lead the system to equilibrium with no growth. In so doing, he confirms that innovation is the outcome of the interaction between individual decision-making and the endogenous and path-dependent properties of the system into which firms are embedded.
This original and insightful work will be required reading for all those working on evolutionary economics, complexity economics and the economics of innovation and knowledge.
Critical Acclaim
‘The great challenge posed by capitalism is its creativity and, as everyone should recognize, this makes it an out-of-equilibrium system, the emergent properties of which depend on how it is ordered and instituted through regulated markets and the profit motive. This fine book explores and elaborates the interface between the ideas of Marshall and Schumpeter to cast new light on the ways in which wealth is created from knowledge and thus how capitalism is always changing from within.’
– J.S. Metcalfe, University of Manchester, UK
– J.S. Metcalfe, University of Manchester, UK
Contents
Contents: 1. The Engines of the Creative Response: The Introductory Framework 2. Innovation as an Emergent System Property (With Gianluigi Ferraris) 3. The Microfoundations of Evolutionary Complexity: From the Marshallian Search for Equilibrium to Schumpeterian Dynamics (With Gianluigi Ferraris) 4. External and Internal Knowledge in the Knowledge Generation Function (With Alessandra Colombelli) 5. The Role of External Knowledge(S) in the Introduction of Product and Process Innovations (With Claudio Fassio) 6. The Cost of Knowledge (With Alessandra Colombelli 7. The Cost of Knowledge and Productivity Growth (With Agnieszka Geringher) 8. Productivity Growth Persistence: Firm Strategies, Size and System Properties (With Francesco Crespi and Giuseppe Scellato) 9. The Endogenous Dynamics of Pecuniary Knowledge Externalities (With Gianluigi Ferraris) 10. References Index
