Smith, Schumpeter and the Study of Innovation Systems

Authors

  • Cristián Gutiérrez Académico en el Depto. Tecnologías de Gestión en la Facultad Tecnológica de la Universidad de Santiago de Chile y ESIC Business Author
  • Thomas Baumert Académico en la ESIC Business & Marketing School Author

Keywords:

Adam Smith, Joseph Schumpeter, Division of Labor, Systems of Innovation, I+D

Abstract

This chapter analyzes the concept of “Systems of Innovation” from the perspective of two of the most influential economists in the history of capitalism: Adam Smith and Joseph Schumpeter. While the “Smithian” vision provides the vision that innovation reflects the process of division of labor in the field of innovation with the corresponding participation of a broad set of interrelated agents and institutions, whose activities should generate synergies or save costs, the “Schumpeterian” vision understands the process of innovation as the result of creativity, genius and chance.
This implies a profound revision of the concepts currently in use among the makers of scientific and technological policies, particularly about their efficiency as promoters and generators of new innovations in our economies.

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Published

2018-06-28