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Innovation often takes place in entrepreneurial ecosystems. We use the history of the Silicon Valley venture capital …
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contrarian, whereas public policy has a bias toward incremental innovation and replication of past success. If central planners … knew what the next radical innovation would be, there would be no need for Schumpeterian entrepreneurs. Schumpeterian … are too complex to design, and central planning instead reduces the space for organic institutional innovation. …
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We are grateful for the comments to our article, and for the opportunity to respond to them. In our original contribution, we argued that the application of the EOE perspective could help make Austrian economics more concrete, relevant and persuasive, especially regarding policy prescriptions....
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