The forthcoming Institute for New Economic Thinking conference will focus on innovation and its impact on economics and society. When we think about innovation we tend to imagine the future. But as with so many subjects in economics, it’s also useful to examine the past.
The concept of innovation is generally associated with the Austrian-American economist Joseph Aloïs Schumpeter. At the micro level, Schumpeter’s work shed a brighter light on the relationship between innovation and market structure. At the macro level, he clarified the relationship between technological change and business cycles. Read more