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Schumpeter and the Knowledge-Based Economy: On Technology and Competition Policy

Author

Listed:
  • Soete, Luc
  • Weel, Bas ter

    (MERIT)

Abstract
This paper discusses some of the new policy challenges raised by the trend towards the knowledge based economy. It is argued that this trend signals a further weakening of old "market failure" arguments in guiding public action in the field of science, technology and innovation policy. Rather a Schumpeterian perspective on technical change recognizing the intrinsic differences in the nature of the accumulation process across sectors and industries appears more and more warranted. Such an approach does, however, require from policy makers to pay much greater attention to the effectiveness of their policy tools with a focus on policy and institutional learning, rather than following a set of simple normative guidelines about market failures. While such policy and institutional learning can and has to some extent already been implemented in most of Dutch technology policy and is a focal point of OECD comparative analysis (best practice, bench marking), it is much more difficult to introduce at the European level.

Suggested Citation

  • Soete, Luc & Weel, Bas ter, 1999. "Schumpeter and the Knowledge-Based Economy: On Technology and Competition Policy," Research Memorandum 004, Maastricht University, Maastricht Economic Research Institute on Innovation and Technology (MERIT).
    • Handle: RePEc:unm:umamer:1999004
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    File URL: https://unu-merit.nl/publications/rmpdf/1999/rm1999-004.pdf
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    References listed on IDEAS

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    Cited by:

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    2. Christian Schubert, 2009. "Welfare Creation and Destruction in a Schumpeterian World," Papers on Economics and Evolution 2009-14, Philipps University Marburg, Department of Geography.
    3. Adeya, Nyaki & Cogburn, Derrick L., 2000. "Exploring the Challenges and Opportunities for Africa in the Information Economy," UNU-INTECH Discussion Paper Series 2000-03, United Nations University - INTECH.
    4. Adeya, Nyaki & Cogburn, Derrick L., 2002. "Prospects for the Digital Economy in South Africa: Technology, Policy, People, and Strategies," UNU-INTECH Discussion Paper Series 2002-02, United Nations University - INTECH.

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