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2023 | OriginalPaper | Buchkapitel

9. The Crisis of the Neoclassical Framework and the Schumpeterian Echo in the Current Paradigm of the Economic Analysis of Technological Change

verfasst von : Antonio García Sánchez, Luis Palma Martos, Ignacio Martínez Fernández

Erschienen in: Science, Technology and Innovation in the History of Economic Thought

Verlag: Springer Nature Switzerland

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Abstract

Despite a relative early attention, it was already well into the twentieth century when Schumpeter tried to reintroduce the question of technological change in economic analysis, without much success then, since this field would be dominated for decades by the vision of the Neoclassical synthesis of Kaldor and Solow. The response to the Neoclassical growth model at the end of the twentieth century came from its treatment of two increasingly relevant variables—human capital and technology—and its impossibility to explain the patterns of convergence between countries. Among the main currents that focus on the inclusion of technology as a variable, the New Growth Theory approach stands out, with the combination of knowledge creation and technology as a driver of development and the systemic approach to innovation initiated by Freeman, within the framework of Industrial Economics and an evolutionary perspective that considers these elements endogenous to the economic system. This chapter analyses the echo of Schumpeterian thought in the new paradigm of technological change, which can be interpreted as a return to the origins of this branch of economic analysis.

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Fußnoten
1
In Joan Robinson (1953), we can find the exposition of Wicksell effects divided in Price Wicksell Effects, defined as changes in relative prices corresponding to a change in income distribution (with fixed technology); and Real Wicksell Effects, as changes in relative prices corresponding to a change in income distribution also with technical changes.
 
2
This idea was early presented by Hayek in Investment that raises the demand for capital (1937), under the assumption that each kind of the heterogeneous capital goods present their own interest rates.
 
3
Who would play the entrepreneur’s role in its full sense.
 
4
For an interesting and recent synthesis of the process of generating the concept of Innovation System and the development of the powerful methodological tool it provides for economic analysis and policy design, including a differential analysis from the perspectives of central economies and peripheral countries (especially those in Latin America), see Erbes and Suárez (2020).
 
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Metadaten
Titel
The Crisis of the Neoclassical Framework and the Schumpeterian Echo in the Current Paradigm of the Economic Analysis of Technological Change
verfasst von
Antonio García Sánchez
Luis Palma Martos
Ignacio Martínez Fernández
Copyright-Jahr
2023
DOI
https://doi.org/10.1007/978-3-031-40139-8_9