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Abstract
This paper sets out some microfoundations for Schumpeter’ s theory of innovation-driven business cycles. A model is developed to represent these cycles, which incorporates two of the three main elements of Schumpeter's analysis: innovation and profit-seeking. The third element emphasized by Schumpeter, the role of credit, is taken as an exogenous factor.
Keywords:
∗This is a revised version of a paper originally prepared for the EUNETIC Conference, ‘Evolutionary Economics of Technological Change: Assessment of Results and New Frontiers’, Strasbourg, October 6–7-8, 1994. Discussions with Ehud Zuscovitch are gratefully acknowledged, as are the comments and suggestions of Peter Swann and Luigi Marengo. All responsibility for the paper's shortcomings resides as usual with the author.
∗This is a revised version of a paper originally prepared for the EUNETIC Conference, ‘Evolutionary Economics of Technological Change: Assessment of Results and New Frontiers’, Strasbourg, October 6–7-8, 1994. Discussions with Ehud Zuscovitch are gratefully acknowledged, as are the comments and suggestions of Peter Swann and Luigi Marengo. All responsibility for the paper's shortcomings resides as usual with the author.
Notes
∗This is a revised version of a paper originally prepared for the EUNETIC Conference, ‘Evolutionary Economics of Technological Change: Assessment of Results and New Frontiers’, Strasbourg, October 6–7-8, 1994. Discussions with Ehud Zuscovitch are gratefully acknowledged, as are the comments and suggestions of Peter Swann and Luigi Marengo. All responsibility for the paper's shortcomings resides as usual with the author.