Neo-Schumpeterianism appeared in literature as a heterodox current and belongs to the evolutionary theories category. It works around and with innovation, considered to be a proper tool for measuring the qualitative changes which occur within an economy. The joint efforts of evolutionary...

The notion of plan coordination enjoys a central place in the analysis of institutions and competitive market processes. The conventional wisdom is that institutions and policies vary in the extent to which they promote competition and how quickly and completely they bring individuals’ plans...

Chang (2011) raises doubts about the effects of institutions on economic development and questions the positive effects of entirely free markets based on secure private property rights. We respond by stressing that institutions structure the incentives underlying individual action, secure...

Heller Farkas az osztrák iskola képviselője volt, de olyan elemeket igyekezett elméleti rendszerébe beilleszteni, amelyek már túlmutattak az osztrák iskolán. Sőt, figyelme olyan jelenségekre is kiterjedt, amelyeket a hagyományos közgazdaságtan képviselői elhanyagoltak, ezért...

The objective of the PICK-ME (Policy Incentives for Creation of Knowledge – Methods and Evidence) research project is to provide theoretical and empirical perspectives on innovation which give a greater role to the demand-side aspect of innovation. The main question is how can policy make...

Institutions matter both for long-term economic evolution as well as for more short-termed economic performance. The law is particularly important in shaping the institutional framework for economic activities. This paper gives an overview of typical evolutionary explanations of legal change,...

According to Colander, modern economics is economics of the model. Models have to be testable, in order to get a "theory with measurement". This procedure was recently criticized vehemently by Blaug maintaining that there is only little empirical progress in the economics of today. He makes the...

The paper unravels the subversive nature of Schumpeter’s proposition that entrepreneurs carry out innovations (the micro level), that swarms of followers imitate them (meso) and that, as a consequence, ‘creative destruction’ leads to economic development ‘from within’ (macro). It is...

A characteristic feature of economic development is the ever changing structure of consumption patterns. Reducing the explanation of this phenomenon to changing prices, finally caused by changes in the availability of goods (or characteristics), would neglect a major force driving this change,...

This paper reconsiders the economic explanation of EU regional policy from an evolution- ary perspective. It contrasts the neoclassical equilibrium notions of market and government failure with the prevalent evolutionary neo-Schumpeterian and Austrian-Hayekian percep- tions. Based on this...