Economics, Econometrics and Finance
4 years ago

Mainstream Economics Fails to Embrace Innovation, Hindering Economic Progress.

Systems of Innovation and Economic Theory
Mario Scerri

Paper Summary

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The article discusses how the study of innovation and economic systems in the 1980s and 1990s aimed to challenge mainstream economic theories. However, this promise was not fulfilled because the focus was on neoclassical economics instead of neoliberal economics. Neoclassical economics is the foundation of mainstream economics, while neoliberal economics shapes its discussions. This led to a disconnect between the discipline and discourse in mainstream economics, pushing the understanding of innovation to the sidelines.