-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a …pt. I. Industry and innovation -- pt. II. Finance in modern economics -- pt. III. The public sector and the future of …

political elites. The model takes a rent-seeking government that can block innovation, and incorporates it into a Schumpeterian … growth model. The quality of a country's institutions is reflected in the cost of innovation blocking. An increase in the … level of innovation blocking activity will reduce the rate of innovation and therefore reduce growth. The government also …

? Friedrich A. Hayek thought it was the economy of knowledge with which the system operated, whereas for Joseph A. Schumpeter it …