Innovation is the result of intentional decision-making that takes place in out-of-equilibrium conditions. Profitability is a reliable indicator of equilibrium conditions, far better than competition, as it integrates the effects of out-of-equilibrium conditions in both product and factor...

The analysis of social interactions as drivers of economic dynamics represents a growing field within the economics of complexity. Social interactions are a specific form of interdependence whereby the changes in the behavior of other agents affect utility functions for households and production...

Building on the Schumpeterian and the Marshallian legacies, this article elaborates a model of endogenous growth. It provides a systemic explanation for the levels and the rates of total factor productivity growth. The generation of technological knowledge consists in the recombination of...

The article investigates the effects of the agglomeration of technological activities on the growth in regional productivity, applying the notion of pecuniary knowledge externalities. Pecuniary knowledge externalities enable one to appreciate both the gains and losses associated with the...

The article investigates the effects of the agglomeration of technological activities on the growth in regional productivity, applying the notion of pecuniary knowledge externalities. Pecuniary knowledge externalities enable one to appreciate both the gains and losses associated with the...

Technological change is far from neutral. The empirical analysis of the rate and direction of technological change in a significant sample of 12 major OECD countries in the years 1970-2003 confirms the strong bias of new technologies. The paper implements a novel methodology to identify and...