This paper is an attempt to tease out a typology of economic sectors based on a systems approach to innovation and economic growth that may be useful for policy analysis. The typology explored here revolves around novel products rather than ethereal knowledge-producing entities. This insight...

In the earlier years of the twentieth century economists were beginning to gain a deeper understanding of the nature of the economic change. Joseph Alois Schumpeter, for example, argued that the first key step in understanding economic change is to think carefully about innovation. When Kuznets...

It is generally agreed that Adam Smith invoked the Invisible Hand to send the message to posterity that a free-market economy is the best form of economic organization. Strictly speaking, the Invisible Hand of Adam Smith is a conjecture about the virtues of a free-market economy. There are three...