Elementary economics textbooks have become less attractive to students requiring only an introduction to economics, given that their content is pervaded by mathematical diagrams and simple equations. Also they are of relatively little value to those interested in, for example, attempting to gain...

Schumpeterian growth models revolve around two tacit assumptions that are at odds with the empirical evidence, namely: all innovations are equally important for economic growth (equipollent innovation) and all innovations occur in one sector only (confined innovation). The present paper shows...

This paper views the housing and credit bubble 2001-2008 in a stylized manner, namely as a sequence starting with a financial innovation in 2001 followed by the superimposition of other financial innovations leading to the prevalence of uncertainty in Knight’s sense and ending in the last...

One of the striking features of our society is the incessant urge for the creation, adoption and diffusion of innovations. Innovation takes many forms: technological, organizational, social, artistic, for example. The term ‘social innovation’ has come into common parlance in recent years....

Patterns of intersectoral growth have featured prominently in the economic development literature for several decades. In particular, a fierce controversy between proponents of ‘‘balanced’’ and ‘‘unbalanced’’ growth dominated much of the discussion on development tactics in the...