Recent Advances in Neo-Schumpeterian Economics : Essays in Honour of Horst Hanusch

This judicious selection of recent essays demonstrates the applicability of the fundamental principles of neo-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets. Neo-Schumpeterian economics has become a prolific field with a major orientation towards innovation-driven industrial dynamics. However, a truly comprehensive neo-Schumpeterian approach argues that innovation is also an important element in both the public and financial sectors. For example, a lack of public infrastructure or speculative bubbles in financial markets can hinder or even prevent economic development. The expert contributions to this book deal with the future orientation of the subject in terms of innovative performance in the industrial, financial and public sectors. Recent Advances in Neo-Schumpeterian Economics can be considered a first attempt to substantiate the comprehensive neo-Schumpeterian approach, of which Horst Hanusch has been a leading proponent. This unique and path-breaking book will be of great interest and value to researchers in the fields of innovation, industrial economics, financial markets and the public sector. Introduction / Uwe Cantner [and Others] -- Pt. I. Industry And Innovation -- 1. Competition In Innovation / Uwe Cantner -- 2. Energy, Development And The Environment: An Appraisal Three Decades After The 'limits To Growth' Debate / Giovanni Dosi And Marco Grazzi -- 3. Marshall And Schumpeter: Evolution And The Institutions Of Capitalism / Stanley Metcalfe -- Pt. Ii. Finance In Modern Economics -- 4. Co-evolution Of Technologies And Financial Institutions / Pier Paolo Saviotti And Andreas Pyka -- 5. Role Of Information And Risk Sharing For R & D Investment, Technological Change And Economic Welfare / Burkhard Drees And Bernhard Eckwert -- 6. Bubbles, Crashes And The Psycho-economic Forces Behind Them / Friedrich Kugler -- 7. Corporate Currency Hedging And Currency Crises / Andreas Rothig, Willi Semmler And Peter Flaschel -- Pt. Iii. Public Sector And The Future Of The Welfare State -- 8. Public Debt And Public Spending In Germany: The Last 40 Years / Alfred Greiner And Norbert Schutt -- 9. Biofuels, Innovations And Endogenous Growth / Thomas Kuhn And Michael Pickhardt -- 10. Paretian Welfare Theory And European Competition Policy / Arnold Heertje -- 11. French Industrial Policy / Alain Alcouffe And Christiane Alcouffe. Edited By Andreas Pyka ... [et Al.]. Includes Bibliographical References And Index. Contents......Page 6 Contributors......Page 8 Introduction......Page 10 PART I Industry and Innovation......Page 20 1. Competition in innovation......Page 22 2. Energy, development and the environment: an appraisal three decades after the ‘limits to growth’ debate......Page 43 3. Marshall and Schumpeter: evolution and the institutions of capitalism......Page 62 PART II Finance in Modern Economics......Page 88 4. The co-evolution of technologies and financial institutions......Page 90 5. The role of information and risk sharing for R&D investment, technological change and economic welfare......Page 110 6. Bubbles, crashes and the psycho-economic forces behind them......Page 128 7. Corporate currency hedging and currency crises......Page 150 PART III The Public Sector and the Future of the Welfare State......Page 172 8. Public debt and public spending in Germany: the last 40 years......Page 174 9. Biofuels, innovations and endogenous growth......Page 191 10. Paretian welfare theory and European competition policy......Page 206 11. French industrial policy......Page 212 Index......Page 256 Demonstrates the applicability of fundamental principles of Neo-Schumpeterian economics, namely innovation and uncertainty. This book show how Neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets Pt. 1. Industry and innovation pt. 2. Finance in modern economics pt. 3. The public sector and the future of the welfare state.