This article presents a formalization of knowledge based on a connectionist model of a firm's structure. Transaction … costs are not ignored, but integrated with the knowledge-based approach. A numerical example on the canonical comparison of …

. Uniting Schumpeter's concern for innovation with Keynes' concern for uncertainty and expectations formation, this article … focuses on the behaviour of entrepreneurs confronting uncertainty caused by innovation. Entrepreneurs' behaviour is … opened up by a successful innovation generates a state of optimism in the minds of single entrepreneurs, which eventually …