engleski

Keynesian, Post-Keynesian vs. Schumpeterian, Neo-Schumpeterian: An Integrated Approach to the Innovation Theory

Purpose of this paper To explain change and growth at the aggregate levels, it must be taken into account three levels: macro, meso and micro. Applying the theories from Keynesian and post-Keynesian economics (PKE) to best explain the macro level and Schumpeterian and neo- Schumpeterian Economics (NSE) to best explain the micro level. Besides this, the meso level can be further explained by merging both, post-Keynesian and neo-Schumpeterian theories. Such unifying approach has been missing from the literature so far. Bringing these schools of thought together is important for their mutual learning and further development of innovation theory. Design/methodology/approach The paper presents a survey of relevant secondary literature of aforementioned schools of thought identifying their methodological practice and key contributions to innovation theory. Findings Combination of these schools of thought offers a richer approach to studying innovation. It is found to exist in particular in the evolutionary, institutional and long-run perspectives, in combination with emphasis on the role of finance in production. Research limitations/implications Readers are invited to develop their own theoretical and empirical approaches that combine advantages of all presented schools of thought. What is original/value of paper The paper is exploratory as it reconsiders how a comprehensive approach to studying innovations can be built. It examines existing literature. It shall be of value to researchers in innovation.

Keynesian; Post-Keynesian Economics; Innovation; Neo-Schumpeterian

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