Technology and social rules and norms in neo-Schumpeterian economics and in original institutional economics
DOI:
https://doi.org/10.13133/2037-3643/17371Keywords:
social rules and norms, institutions, innovation, evolutionary processAbstract
The foundation for both the neo-Schumpeterian and original institutional economics school of thought is the emphasis on evolutionary processes in economies. The relationship between technology and the social rules and norms that coordinate the behavior of people provides the focus for their respective conceptualizations of such processes. However, the seemingly familial relation of their analytical frameworks is tempered by how they conceptualize social rules and norms. We discuss the differences between neo-Schumpeterian and original institutional economics. These differences are a result of each approach’s conceptualizations of social rules and norms, in particular when it comes to evolutionary processes and innovation dynamics.
References
Adkisson R.V. (2010), “The original institutionalist perspective on economy and its place in a pluralist Paradigm”, International journal of pluralism and economics education, 1 (4), pp. 356-371.
Ayres C.E. (1951), “The coordinates of institutionalism”, American Economic Review, 41 (2), pp. 47-55.
Ayres C.E. (1978), The Theory of Economic Progress: A study of the fundamentals of economic development and cultural change (3e), Kalamazoo (MI): New Issues Press.
Beinhocker E. (2006), The Origin of Wealth: Evolution, complexity, and the radical remaking of economics, Boston: Harvard Business School Press.
Brinkmann R. (1997), “Towards a culture-conception of technology”, Journal of Economic Issues, 31 (4), pp. 1027-1038.
Brinkmann R.L. and Brinkmann J.E. (2002), “Cultural lag: In the tradition of Veblenian economics”, Journal of Economic Issues, 40 (4), pp. 1009-1028.
Bush P.D. (1983), “An exploration of the structural characteristics of a Veblen-Ayres-Foster defined institutional domain”, Journal of Economic Issues, 17 (1), pp. 35-66.
Bush P.D. (1986), “On the concept of ceremonial encapsulation”, The Review of Institutional Thought, 3, pp. 25-45.
Bush P.D. (1987), “The theory of institutional change”, Journal of Economic Issues, 21 (3), pp. 1075-1116.
Commons J. R. (1934), Institutional Economics: Its place in political economy, New Brunswick and London: Transactions Publishers; reprinted 1990.
Cordes C. (2005), “Veblen’s ‘instinct of workmanship’, its cognitive foundation, and some implications for economic theory”, Journal of Economic Issues, 39 (1), pp. 1-20.
Dominguez Lacasa I. (2019), “Technology and institutions in neo-Schumpeterian and institutional thinking”, Wissenschaftliche Beitrage TH Wildau, 23, pp. 95-101.
Dopfer K. and Potts J. (2008), The General Theory of Economic Evolution, Abingdon: Routledge.
Dosi G. (1982), “Technological paradigms and technological trajectories: A suggested interpretation of the determinants and directions of technical change”, Research Policy, 11 (3), pp. 147-162.
Dosi G. (1990), “Economic change and its interpretation, or, is there a ‘Schumpeterian approach’”, in Heertje A. and Perlman M. (eds.), Evolving Technology and Market Structure – Studies in Schumpeterian economics, Ann Arbor (MI): University of Michigan Press, pp. 335-341.
Dosi G. and Grazzi M. (2010), “On the nature of technologies: Knowledge, procedures, artifacts and production inputs”, Cambridge Journal of Economics, 34 (1), pp. 173-184.
Dugger W. (1980), “Power: An institutional framework of analysis”, Journal of Economic Issues, 14 (4), pp. 897-907.
Dugger W. (1995), “Veblenian institutionalism: The changing concepts of inquiry”, Journal of Economic Issues, 29 (4), pp. 1013-1027.
Dugger W. and Sherman H. (1997), “Institutionalist and Marxist theories of evolution”, Journal of Economic Issues, 31 (4), pp. 991-1009.
Elsner W. (2012), “The theory of institutional change revisited: The institutional dichotomy, its dynamic, and its policy implications in a more formal analysis”, Journal of Economic Issues, 46 (1), pp. 1-44.
Elsner W. and Schwardt H. (2014), “Trust and arena size: Expectations, institutions, and general trust, and critical population and group sizes”, Journal of Institutional Economics, 10 (1), pp. 107-134.
England R.W. (ed.) (1994), Evolutionary Concepts in Contemporary Economics. Ann Arbor (MI): University of Michigan Press.
Evangelista R. (2018), “Technology and Economic Development: The Schumpeterian Legacy”, Review of Radical Political Economics, 50 (1), pp. 136-153.
Hanusch H. and Pyka A. (2007a), “Principles of neo-Schumpeterian economics”, Cambridge Journal of Economics, 31 (2), pp. 275-289.
Hanusch H. and Pyka A. (2007b), “Introduction”, in Hanusch H. and Pyka A. (eds.), Elgar Companion to Neo-Schumpeterian Economics (pp. 1-16), Cheltenham: Elgar.
Hayden F.G. (1984), “A geobased national agricultural policy for rural community enhancement, environmental vitality, and income stabilization”, Journal of Economic Issues, 18 (1), pp. 181-221.
Hodgson G.M. (1993), Economics and Evolution: Bringing back life into economics, Ann Arbor (MI): University of Michigan Press.
Hodgson G. M. (2003), “The hidden persuaders: Institutions and individuals in economic theory”, Cambridge Journal of Economics, 27 (2), pp. 159-175.
Hodgson G.M. (2004), The Evolution of Institutional Economics: Agency, structure, and Darwinism in American institutionalism, London and New York: Routledge.
Hodgson G.M. (2006), “What are institutions?”, Journal of Economic Issues, 40 (1), pp. 1-25.
Hodgson G.M. (2007). “The 2007 Veblen-Commons award recipient: Richard R. Nelson”, Journal of Economic Issues, 41 (2), p. 311.
Hodgson G.M. and Knudsen T. (2006), “The nature and units of social selection”, Journal of Evolutionary Economics, 16, pp. 477-489.
Latsis J. (2010), “Veblen on the machine process and technological change”, Cambridge Journal of Economics, 34 (4), pp. 601-615.
Lawson C. (2009), “Ayres, technology and technical objects”, Journal of Economic Issues, 43 (3), pp. 641-659.
Lazonick W. (2014), “Profits without prosperity”, Harvard Business Review, September, pp. 46-55.
Lower M.D. (1987), “The concept of technology within the institutionalist perspective”, Journal of Economic Issues, 21 (3), pp. 1147-1176.
Magnusson L. (ed.) (1994), Evolutionary and Neo-Schumpeterian Approaches to Economics, Boston, Dordrecht, London: Kluwer Academic Publishers.
Malerba F. (I992), “Learning by firms and incremental change”, Economic Journal, 102 (413), pp. 845-859.
Matsuyama K. (1992), “Agricultural productivity, comparative advantage and economic growth”, Journal of Economic Theory, 58 (2), pp. 317-334.
Mayhew A. (2010), “Clarence Ayres, technology, pragmatism, and progress”, Cambridge Journal of Economics, 34 (1), pp. 213-22.
Metcalfe S. (1995), “Technology systems and technology Policy in an Evolutionary Framework”, Cambridge Journal of Economics, 19 (1), pp. 25-46.
Metcalfe S. (2010), “Technology and economic theory”, Cambridge Journal of Economics, 34 (1), pp. 153-171.
Mokyr J. (1992), The Lever of Riches: Technological creativity and economic progress, Oxford: Oxford University Press.
Mokyr J. (2002), The Gifts of Athena: Historical origins of the knowledge economy, Princeton: Princeton University Press.
Nelson R.R. (1994), “Economic growth via the coevolution of technology and institutions”, in Leydesdorff L. and van den Besselaar P. (eds.), Evolutionary Economics and Chaos Theory (chapter 2), London: Pinter.
Nelson R.R, (2003), “Physical and Social Technologies, and Their Evolution”, LEM Working Paper Series, n. 2003/09, Pisa: Laboratory of Economics and Management, Sant’Anna School of Advanced Studies.
Nelson R.R. (2005), Technology, Institutions, and Economic Growth, Cambridge (MA) and London (UK): Harvard University Press.
Nelson R.R. (2007), “Understanding economic growth as the central task of economic analysis”, in Hanusch H. and Pyka A. (eds.), Elgar Companion to Neo-Schumpeterian Economics (pp. 840-853), Cheltenham: Edward Elgar.
Nelson R.R. (2020), “A perspective on the evolution of evolutionary economics”, Industrial and Corporate Change, 29 (5), pp. 1101-1118.
Nelson R.R. and Winter S. (1982), An Evolutionary Theory of Economic Change, Cambridge (MA): The Belknap Press of Harvard University Press.
Nelson R.R., Dosi G., Helfat C.E., Pyka A., Saviotti P.P., Lee K., Dopfer K., Malerba F. and Winter S.G. (2018), Modern Evolutionary Economics – An overview, Cambridge: Cambridge University Press.
Perry K. (2020), “Innovation, institutions and development: A critical review and grounded heterodox economic analysis of late-industrializing contexts”, Cambridge Journal of Economics, 44 (2), pp. 391-415.
Robert V. and Yoguel G. (2016), “Complexity paths in neo-Schumpeterian evolutionary economics, structural change and development policies”, Structural Change and Economic Dynamics, 38, pp. 3-14.
Rosenberg N. (2000), Schumpeter and the Endogeneity of technology: Some American perspectives, London and New York: Routledge.
Schumpeter J.A. (1934), The Theory of Economic Development – An Inquiry Into Profits, Capital, Credit, Interest and the Business Cycle, Cambridge (MA): Harvard University Press.
Schwardt H. (2013), Institutions, Technology and Circular and Cumulative Causation in Economics, Houndmills and New York: Palgrave Macmillan.
Smith T. (2010), “Technological change in capitalism: Some Marxian themes”, Cambridge Journal of Economics, 34 (1), pp. 203-12.
Swaney J.A. (1986), “A coevolutionary model of structural change”, Journal of Economic Issues, 20 (2), pp. 393-401.
Swaney J.A. (1989), “Our obsolete technology mentality”, Journal of Economic Issues, 23 (2), pp. 569-578.
Tool M.R. (2000), Value Theory and Economic Progress: The institutional economics of John F. Foster, Norwell: Kluwer Academic Publishers.
Veblen T.B. (1914), The Instinct of Workmanship and the State of the Industrial Arts, New York: MacMillan.
Veblen T.B. (1934), The Theory of the Leisure Class: An economic study of institutions, New York: Modern Library.
Veblen T.B. (1954), Absentee Ownership and Business Enterprise in Recent Times – The case of America, B. W. Huebsch: New York.
Waller W.T. (1982), “The evolution of the Veblenian dichotomy: Veblen, Hamilton, Ayres, and Foster”, Journal of Economic Issues, 16 (3), pp. 757-771.
Waller W. T. (1987), “Ceremonial encapsulation and corporate cultural hegemony”, Journal of Economic Issues, 21 (1), pp. 321-28.
Witt U. (2003a), “Economic policy making in evolutionary perspective”, Journal of Evolutionary Economics, 13 (2), pp. 77-94.
Witt U. (2003b) “Evolutionary economics and the extension of evolution to the economy”, in Witt,U. (ed), The Evolving Economy – Essays on the evolutionary approach to economics (pp. 3-34), Cheltenham: Edward Elgar.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2023 Henning Schwardt
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
