The COVID-19 pandemic has affected firms in all economies worldwide. We investigate the impact of the pandemic on firms’ innovation activities. Employing data from a representative sample of German firms, we find consistently with real options theory that negatively affected firms...

This article is based upon a review of the recent book edited by C. Edquist. This book presents different articles that have the development of the Systems of Innovation Approach as a common objective. This multidisciplinary approach proposes new foundations in order to build a global theory of...

The conventional version of Austrian business cycle theory focuses on a temporary imbalance between natural and monetary rates of interest. When, because of the role of monetary authorities in defining the monetary rate, the two values are in a situation of imbalance, the resulting expansion...

Schumpeter’s idea that innovations can be described as new combinations often is understood as a mere metaphor and slight generalization of what he considers as the characterizing feature of entrepreneurship. The main argument of this paper is that more and deeper issues are involved in the...

Schumpeter’s growth theory (based on innovations, entrepreneurs, long waves and “creative destruction”) seems to be most adequate to discuss principles of the Knowledge Based Economy. In the paper, the author discussed the assumptions of Schumpeter’s theory in three subsections: “Long...

Schumpeter’s growth theory (based on innovations, entrepreneurs, long waves and “creative destruction”) seems to be most adequate to discuss principles of the Knowledge Based Economy. In the paper, the author discussed the assumptions of Schumpeter’s theory in three subsections: “Long...

Epistemic arguments play a significant role in Hayek's defense of market liberalism. His claim that market competition is a discovery procedure that serves the common good is a case in point. The hypothesis of the markets' efficient use of existing knowledge is supplemented by the idea that...

Epistemic arguments play a significant role in Hayek’s defense of market liberalism. Hisclaim that market competition is a discovery procedure that serves the common good is acase in point. The hypothesis of the markets’ efficient use of existing knowledge issupplemented by the idea that...

Innovative profits (of the kind conceptualized by Schumpeter) are today being increasingly created through international corporate networks for technological development. Such profits through innovation are encouraged by newer more flexible organizational forms, and further encouraged (unlike in...