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Recent Advances in Neo-Schumpeterian Economics Recent Advances in Neo-Schumpeterian Economics Essays in Honour of Horst Hanusch Edited by Andreas Pyka Professor of Economics, University of Hohenheim, Germany Uwe Cantner Professor of Economics, Friedrich Schiller University of Jena, Germany Alfred Greiner Professor of Economics, Bielefeld University, Germany Thomas Kuhn Professor of Economics, Chemnitz University of Technology, Germany Edward Elgar Cheltenham, UK • Northampton, MA, USA © Andreas Pyka, Uwe Cantner, Alfred Greiner and Thomas Kuhn 2009 All rights reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical or photocopying, recording, or otherwise without the prior permission of the publisher. Published by Edward Elgar Publishing Limited The Lypiatts 15 Lansdown Road Cheltenham Glos GL50 2JA UK Edward Elgar Publishing, Inc. William Pratt House 9 Dewey Court Northampton Massachusetts 01060 USA A catalogue record for this book is available from the British Library Library of Congress Control Number: 2009922758 ISBN 978 1 84720 663 3 Printed and bound by MPG Books Group, UK Contents List of contributors vii Introduction Uwe Cantner, Alfred Greiner, Thomas Kuhn and Andreas Pyka PART I 1 INDUSTRY AND INNOVATION 1 Competition in innovation Uwe Cantner 2 Energy, development and the environment: an appraisal three decades after the ‘limits to growth’ debate Giovanni Dosi and Marco Grazzi 34 Marshall and Schumpeter: evolution and the institutions of capitalism Stanley Metcalfe 53 3 PART II 13 FINANCE IN MODERN ECONOMICS 4 The co-evolution of technologies and financial institutions Pier Paolo Saviotti and Andreas Pyka 5 The role of information and risk sharing for R&D investment, technological change and economic welfare Burkhard Drees and Bernhard Eckwert 101 Bubbles, crashes and the psycho-economic forces behind them Friedrich Kugler 119 6 7 Corporate currency hedging and currency crises Andreas Röthig, Willi Semmler and Peter Flaschel v 81 141 vi Contents PART III THE PUBLIC SECTOR AND THE FUTURE OF THE WELFARE STATE 8 Public debt and public spending in Germany: the last 40 years Alfred Greiner and Norbert Schütt 165 9 Biofuels, innovations and endogenous growth Thomas Kuhn and Michael Pickhardt 182 10 Paretian welfare theory and European competition policy Arnold Heertje 197 11 French industrial policy Alain Alcouffe and Christiane Alcouffe 203 Index 247 Contributors Alain Alcouffe, Professor, LIRHE, University of Toulouse 1, France Christiane Alcouffe, Professor Emeritus LIRHE, University of Toulouse 1, France Uwe Cantner, Professor of Economics, Friedrich Schiller University of Jena, Germany Giovanni Dosi, Sant’ Anna School of Advanced Studies, Pisa, Italy Burkhard Drees, IMF Institute, International Monetary Fund, Washington, DC, USA Bernhard Eckwert, Department of Economics, Bielefeld University, Germany Peter Flaschel, Centre for Empirical Macroeconomics, Bielefeld University, Germany Marco Grazzi, Sant’Anna School of Advanced Studies, Pisa, Italy Alfred Greiner, Professor of Economics, Bielefeld University, Germany Arnold Heertje, Professor Emeritus, University of Amsterdam, the Netherlands Friedrich Kugler, Fachhochschule Schmalkalden, Germany Thomas Kuhn, Professor of Economics, Chemnitz University of Technology, Germany Stanley Metcalfe,