Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process.
About: This article is published in Journal of the American Statistical Association.The article was published on 1940-06-01. It has received 1302 citations till now.
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01 Jan 2000
TL;DR: In this paper, the Triple Helix of university-industry-government relations is compared with alternative models for explaining the current research system in its social contexts, where the institutional layer can be considered as the retention mechanism of a developing system.
Abstract: Abstract The Triple Helix of university–industry–government relations is compared with alternative models for explaining the current research system in its social contexts. Communications and negotiations between institutional partners generate an overlay that increasingly reorganizes the underlying arrangements. The institutional layer can be considered as the retention mechanism of a developing system. For example, the national organization of the system of innovation has historically been important in determining competition. Reorganizations across industrial sectors and nation states, however, are induced by new technologies (biotechnology, ICT). The consequent transformations can be analyzed in terms of (neo-)evolutionary mechanisms. University research may function increasingly as a locus in the “laboratory” of such knowledge-intensive network transitions.
5,036 citations
TL;DR: In economics and management theories, scholars have traditionally assumed the existence of artifacts such as firms/organizations and markets as mentioned in this paper, and they argue that an explanation for the creation of such artifacts requires the notion of effectuation.
Abstract: In economics and management theories, scholars have traditionally assumed the existence of artifacts such as firms/organizations and markets. I argue that an explanation for the creation of such artifacts requires the notion of effectuation. Causation rests on a logic of prediction, effectuation on the logic of control. I illustrate effectuation through business examples and realistic thought experiments, examine its connections with existing theories and empirical evidence, and offer a list of testable propositions for future empirical work.
4,438 citations
TL;DR: A review of the literature from the marketing, engineering, and new product development disciplines attempts to put some clarity and continuity to the use of these terms as mentioned in this paper, showing that it is important to consider both a marketing and technological perspective as well as a macro-level and micro-level perspective when identifying innovations.
3,273 citations
Cites background from "Business Cycles: A Theoretical, His..."
...The identification of innovation types and their influence on the market place is really a problem as old as classical economics [51]! To ignore these distinctions is to turn one’s back, literally, on sixty-five years of research on the innovation process....
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Journal Article•
TL;DR: In this paper, the authors combine the evolutionary perspective in economics with the reflexive turn from sociology to provide a richer understanding of how knowledge-based systems of innovation are shaped and reconstructed, whereas the institutional arrangements (e.g., national systems) can be expected to remain under reconstruction.
Abstract: The (neo-)evolutionary model of a Triple Helix of University-Industry-Government Relations focuses on the overlay of expectations, communications, and interactions that potentially feed back on the institutional arrangements among the carrying agencies. From this perspective, the evolutionary perspective in economics can be complemented with the reflexive turn from sociology. The combination provides a richer understanding of how knowledge-based systems of innovation are shaped and reconstructed. The communicative capacities of the carrying agents become crucial to the system's further development, whereas the institutional arrangements (e.g., national systems) can be expected to remain under reconstruction. The tension of the differentiation no longer needs to be resolved, since the network configurations are reproduced by means of translations among historically changing codes. Some methodological and epistemological implications for studying innovation systems are explicated.
1,615 citations
TL;DR: Innovation is not a new phenomenon as discussed by the authors, it is as old as mankind itself and it is argued that no single discipline deals with all aspects of innovation, and that in order to get a comprehensive overview of the role played by innovation in social and economic change, a cross-disciplinary perspective is a must.
Abstract: Innovation is not a new phenomenon. Arguably, it is as old as mankind itself. However, in spite of its obvious importance, innovation has not always got the scholarly attention it deserves. This is now rapidly changing, however. As shown in the paper, research on the role of innovation economic and social change has proliferated in recent years, particularly within the social sciences, and often with a bent towards cross-disciplinarity. It is argued that this reflects the fact that no single discipline deals with all aspects of innovation, and that in order to get a comprehensive overview of the role played by innovation in social and economic change, a cross-disciplinary perspective is a must. The purpose of the paper is to provide the reader with a guide to this rapidly expanding literature. In doing so it draws on larger collective effort financed by the European Commission (the TEARI project, see http://tikpc51.uio.no/teari/teari.htm ), one of the outputs of which will emerge as Oxford Handbook of Innovation, edited by Jan Fagerberg, David Mowery and Richard R. Nelson. 2
1,361 citations
Cites background from "Business Cycles: A Theoretical, His..."
...For instance, there is a large amount of research that has adapted the MarxSchumpeter model of technological competition to the study of industrial growth, international trade and competitiveness, 17 although sometimes, it must be said, without acknowledging the source for these ideas. An early and very influential contribution was the so-called “product- life-cycle theory” suggested by Vernon (1966), in which industrial growth following an important product innovation was seen as composed by stages, characterized by changing conditions of composition (and location of production)....
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...…introduce some of the above ideas in formal growth models (socalled “new growth theory” or “endogenous growth theory”).20 In applying this perspective, Schumpeter (1939) was, as noted, particularly concerned with the tendency of innovation to “cluster” in certain contexts, and the resulting…...
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...Although neither Marx nor Schumpeter applied their dynamic perspective to the analysis of cross-national differences in growth performance, from the early 1960s onwards several contributions have emerged that explore the potential of this perspective for explaining differences in cross-country growth....
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...The systemic interdependencies between the initial and induced innovations also imply that innovations (and growth) “tend to concentrate in certain sectors and their surroundings” or “clusters” (Schumpeter 1939, pp. 100-101)....
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...Schumpeter, as is well 16 See Fagerberg 2002, 2003 for a discussion of this ”Marx-Schumpeter” model. known, looked at this dynamics as possible explanatory factor behind business cycles of various lengths (Freeman and Louca 2001)....
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References
More filters
01 Jan 2000
TL;DR: In this paper, the Triple Helix of university-industry-government relations is compared with alternative models for explaining the current research system in its social contexts, where the institutional layer can be considered as the retention mechanism of a developing system.
Abstract: Abstract The Triple Helix of university–industry–government relations is compared with alternative models for explaining the current research system in its social contexts. Communications and negotiations between institutional partners generate an overlay that increasingly reorganizes the underlying arrangements. The institutional layer can be considered as the retention mechanism of a developing system. For example, the national organization of the system of innovation has historically been important in determining competition. Reorganizations across industrial sectors and nation states, however, are induced by new technologies (biotechnology, ICT). The consequent transformations can be analyzed in terms of (neo-)evolutionary mechanisms. University research may function increasingly as a locus in the “laboratory” of such knowledge-intensive network transitions.
5,036 citations
TL;DR: In economics and management theories, scholars have traditionally assumed the existence of artifacts such as firms/organizations and markets as mentioned in this paper, and they argue that an explanation for the creation of such artifacts requires the notion of effectuation.
Abstract: In economics and management theories, scholars have traditionally assumed the existence of artifacts such as firms/organizations and markets. I argue that an explanation for the creation of such artifacts requires the notion of effectuation. Causation rests on a logic of prediction, effectuation on the logic of control. I illustrate effectuation through business examples and realistic thought experiments, examine its connections with existing theories and empirical evidence, and offer a list of testable propositions for future empirical work.
4,438 citations
TL;DR: A review of the literature from the marketing, engineering, and new product development disciplines attempts to put some clarity and continuity to the use of these terms as mentioned in this paper, showing that it is important to consider both a marketing and technological perspective as well as a macro-level and micro-level perspective when identifying innovations.
3,273 citations
TL;DR: Innovation is not a new phenomenon as discussed by the authors, it is as old as mankind itself and it is argued that no single discipline deals with all aspects of innovation, and that in order to get a comprehensive overview of the role played by innovation in social and economic change, a cross-disciplinary perspective is a must.
Abstract: Innovation is not a new phenomenon. Arguably, it is as old as mankind itself. However, in spite of its obvious importance, innovation has not always got the scholarly attention it deserves. This is now rapidly changing, however. As shown in the paper, research on the role of innovation economic and social change has proliferated in recent years, particularly within the social sciences, and often with a bent towards cross-disciplinarity. It is argued that this reflects the fact that no single discipline deals with all aspects of innovation, and that in order to get a comprehensive overview of the role played by innovation in social and economic change, a cross-disciplinary perspective is a must. The purpose of the paper is to provide the reader with a guide to this rapidly expanding literature. In doing so it draws on larger collective effort financed by the European Commission (the TEARI project, see http://tikpc51.uio.no/teari/teari.htm ), one of the outputs of which will emerge as Oxford Handbook of Innovation, edited by Jan Fagerberg, David Mowery and Richard R. Nelson. 2
1,361 citations
Posted Content•
TL;DR: The Adaptive Markets Hypothesis as discussed by the authors proposes a new framework that reconciles market efficiency with behavioral alternatives by applying the principles of evolution - competition, adaptation, and natural selection - to financial interactions.
Abstract: One of the most influential ideas in the past 30 years is the Efficient Markets Hypothesis, the idea that market prices incorporate all information rationally and instantaneously. However, the emerging discipline of behavioral economics and finance has challenged this hypothesis, arguing that markets are not rational, but are driven by fear and greed instead. Recent research in the cognitive neurosciences suggests that these two perspectives are opposite sides of the same coin. In this article I propose a new framework that reconciles market efficiency with behavioral alternatives by applying the principles of evolution - competition, adaptation, and natural selection - to financial interactions. By extending Herbert Simon's notion of "satisficing" with evolutionary dynamics, I argue that much of what behavioralists cite as counterexamples to economic rationality - loss aversion, overconfidence, overreaction, mental accounting, and other behavioral biases - are, in fact, consistent with an evolutionary model of individuals adapting to a changing environment via simple heuristics. Despite the qualitative nature of this new paradigm, the Adaptive Markets Hypothesis offers a number of surprisingly concrete implications for the practice of portfolio management.
1,006 citations