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This note expounds the abstract fundamentals of the appropriability problem, re-assessing insights from three classic contributions those of Schumpeter, Arrow and Teece. Whereas the first two contributions were explicitly concerned with the implications of appropriability for society at large,...
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In some economics textbooks production theory is developed axiomatically. The divisibility axiom presents a bold affront to realism. It distorts the static theory and forecloses some potential encounters with technological change. The article reviews propositions about geometrical scaling that...
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Evolutionary economics sees the economy as always in motion with change being driven largely by continuing innovation. This approach to economics, heavily influenced by the work of Joseph Schumpeter, saw a revival as an alternative way of thinking about economic advancement as a result of...
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