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From Schumpeter to the economics of innovation

Schumpeter’s insights have been used along both neoclassical and evolutionary lines to explain how the process of economic development contributes to innovation-based competition. This paper explores several aspects of these issues and concludes that the policy message – more active government is the same irrespective of whichever of the neoclassical or the evolutionary interpretations of Schumpeter’s work is taken. JEL: O31, O38, B31.