Innovation, industrial dynamics and structural transformation

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The 10th International Joseph A. Schumpeter Society Conference, held from June 9th–12th, 2004, at Università Luigi Bocconi in Milan, focused on the dynamics of industries shaped by innovation and structural transformation. These phenomena are central to Schumpeter’s work, and examining these endogenously created modes of change is a significant aspect of his legacy. The Schumpeterian approach to economic dynamics influences both evolutionary and neoclassical theories. This book presents research within the Schumpeterian and evolutionary framework of industrial dynamics and industry evolution. It emphasizes how industries evolve and alter their structures over time, influenced by knowledge, technologies, actor capabilities and incentives, new and existing products and processes, and institutions. The concept of structure and structural change extends beyond traditional market structure views, encompassing the elements and relationships among actors, knowledge, and technologies that drive innovation and significantly impact economic performance within an industry. The discussions highlight the complexity of these interactions and their implications for understanding industrial dynamics in a rapidly changing economic landscape.