Innovation, Markets and Hierarchies

Abstract

The central role of innovation in economic growth has been well established in recent years, although its comparative neglect in conventional theory has tended to obscure its true importance. Neoclassical theory has treated innovation traditionally as exogenous; its short‐run constrained maximisation perspective is ill suited to deal with long‐run problems involving a high degree of uncertainty.

Citation

Kay, N.M. (1984), "Innovation, Markets and Hierarchies", Journal of Economic Studies, Vol. 11 No. 2, pp. 44-60. https://doi.org/10.1108/eb002576