For the past century economists have proposed a suite of theories relating to industrial dynamics, technological change and innovation. There has been an implication in these models that the institutional environment is stable. However, a new class of institutional technologies — most notably...

The Austrian school of economics has played a key contribution toward an improved understanding of the characteristics of economic innovation. Over recent decades the language and concepts of innovation theory has broadened to non-market settings, among other things giving rise to a voluminous...