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Edited by Maureen McKelvey and Jun Jin
The notion of endogenous innovation as the outcome of the creative response of firms to out-of-equilibrium conditions is the cornerstone of the new evolutionary complexity. This chapter explores the role of the reactivity of firms to out-of-equilibrium conditions and of knowledge governance in assessing the chances that creative responses actually take place as an alternative to adaptive responses. It implements a systemic frame able to show that: i) the quality of knowledge governance is a determinant in making the response of firms creative rather than adaptive; and ii) the levels of firms’ reactivity enhance the rates of introduction of innovations and increase total factor productivity.
The Economics of an Emergent System Property
This chapter highlights the limits of current approaches to the economics of innovation. It also stresses their role in articulating a theory of innovation as an endogenous process that relies upon the characteristics of the system in which the response of firms to unexpected mismatches in both labour and factor markets takes place. The role of Marshallian contributions to Schumpeterian thinking is stressed.
Richard Hawkins and Knut Blind
This introduction explores the conceptual background and definitions that pertain to understanding standards and standardization in the context of innovation. A general overview is provided of the themes explored in the chapters that follow.