The Elgar Companion to Neo-Schumpeterian Economics is a cutting-edge collection of specially commissioned contributions highlighting not only the broad scope but also the common ground between all branches of this prolific and fast developing field of economics.

Demand theory grew out of the revision of utilitarianism. The original, Benthamite program – based on a naturalistic, hedonic interpretation of behavior – was replaced by an abstract, subjectivist approach, a motivational mechanics. The implications – expressed exclusively in observable...

How relevant is the notion of evolution for economics? In view of the paradigmatic influence of Darwinian thought, several recently advocated interpretations are discussed first which rely on Darwinian concepts. As an alternative, a notion of evolution is suggested that is based on a few,...

Between 1890 and 1938, the public share of total spending rose to unprecedented peacetime levels in many Western countries. This development has been explained by either (i) a shift in the demand for public goods or (ii) a restructuring of the state to transfer income. However, neither...

In constitutional political economy, the citizens’ constitutional interests determine the social contract that is binding for the post-constitutional market game. However, following traditional preference subjectivism, it is left open what the constitutional interest are. Using the...

New knowledge with commercial potential is continually created in academic institutions. How is it turned into economically valuable businesses? This paper argues that the transfer is an entrepreneurial process. To understand this, the actions and the constraints characteristic for the...

If production means generating output by application of specific inputs, then production is a ubiquitous phenomenon in nature. This observation invites a double comparison. First, physical production processes in nature can be compared to those in the economy. The differences highlight...

In pursuing profit opportunities, entrepreneurs often use multi-person firms. Since employment contracts leave some discretion to the employees, organizational coherence requires that they are coordinated on the entrepreneurial business conception as their own frame of action. Accordingly, the...

In the debate on why firms exist, the question of who chooses between firms and markets and on what basis is rarely addressed. This paper argues that the choice is a core element of the entrepreneurial pursuit of visions or conceptions of business opportunities. To successfully organize...