Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective
The purpose of this paper is to discuss the importance of knowledge, both tacit and codified, in the formation of the state of long-term expectations that drive firms’ decisions to search for innovation and to investment in R&D. The paper takes the post-Keynesian theory as reference, associating...
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| Format: | Article |
| Language: | English |
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Emerald Publishing
2014-05-01
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| Series: | EconomiA |
| Subjects: | |
| Online Access: | http://www.sciencedirect.com/science/article/pii/S1517758014000149 |
| _version_ | 1818015452893282304 |
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| author | João P. Romero |
| author_facet | João P. Romero |
| author_sort | João P. Romero |
| collection | DOAJ |
| description | The purpose of this paper is to discuss the importance of knowledge, both tacit and codified, in the formation of the state of long-term expectations that drive firms’ decisions to search for innovation and to investment in R&D. The paper takes the post-Keynesian theory as reference, associating it with the neo-Schumpeterian analysis of innovation dynamics. First, it is argued that knowledge plays a crucial role in building agents’ confidence, emphasizing that radical innovations are more dependent on the accumulation of codified knowledge, given the higher degree of uncertainty associated with this type of innovation, while incremental innovations are more dependent on tacit knowledge about the current market conditions and technological trajectory. Second, it is argued that the accumulation of knowledge and the constant introduction of innovations foster the creation of a convention to innovate, which facilitates the decision to pursue innovations by influencing long-term expectations. |
| first_indexed | 2024-04-14T06:58:15Z |
| format | Article |
| id | doaj.art-8e48453c3c27426cb7e39d68cc5614f4 |
| institution | Directory Open Access Journal |
| issn | 1517-7580 |
| language | English |
| last_indexed | 2024-04-14T06:58:15Z |
| publishDate | 2014-05-01 |
| publisher | Emerald Publishing |
| record_format | Article |
| series | EconomiA |
| spelling | doaj.art-8e48453c3c27426cb7e39d68cc5614f42022-12-22T02:06:50ZengEmerald PublishingEconomiA1517-75802014-05-0115218920510.1016/j.econ.2014.06.001Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspectiveJoão P. RomeroThe purpose of this paper is to discuss the importance of knowledge, both tacit and codified, in the formation of the state of long-term expectations that drive firms’ decisions to search for innovation and to investment in R&D. The paper takes the post-Keynesian theory as reference, associating it with the neo-Schumpeterian analysis of innovation dynamics. First, it is argued that knowledge plays a crucial role in building agents’ confidence, emphasizing that radical innovations are more dependent on the accumulation of codified knowledge, given the higher degree of uncertainty associated with this type of innovation, while incremental innovations are more dependent on tacit knowledge about the current market conditions and technological trajectory. Second, it is argued that the accumulation of knowledge and the constant introduction of innovations foster the creation of a convention to innovate, which facilitates the decision to pursue innovations by influencing long-term expectations.http://www.sciencedirect.com/science/article/pii/S1517758014000149InnovationPost-Keynesian theoryNeo-Schumpeterian theoryTechnology |
| spellingShingle | João P. Romero Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective EconomiA Innovation Post-Keynesian theory Neo-Schumpeterian theory Technology |
| title | Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective |
| title_full | Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective |
| title_fullStr | Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective |
| title_full_unstemmed | Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective |
| title_short | Mr. Keynes and the neo-Schumpeterians: Contributions to the analysis of the determinants of innovation from a post-Keynesian perspective |
| title_sort | mr keynes and the neo schumpeterians contributions to the analysis of the determinants of innovation from a post keynesian perspective |
| topic | Innovation Post-Keynesian theory Neo-Schumpeterian theory Technology |
| url | http://www.sciencedirect.com/science/article/pii/S1517758014000149 |
| work_keys_str_mv | AT joaopromero mrkeynesandtheneoschumpeterianscontributionstotheanalysisofthedeterminantsofinnovationfromapostkeynesianperspective |