Money and Technological Change. The Role of Financing in the Process of Evolution
This special issue on "Money and technological change" is a collection of papers that focus on the understanding both of how credit and finance systems effectively work and of their role in shaping firms' innovative strategies and determining their performances. Already Schumpeter acknowledged to what extent innovation and thereby economic growth rely upon the credit system. Taken together, the contributions to this special issue elaborate on a methodological proposal: monetary circuit and technological diffusion schemes, but also the long-waves approach, ought to be implemented as open schemes that allow one to decide, according to the relevant circumstances, which variables can be taken as given and which other variables are to be determined endogenously. As in a monetary economy of production technologically evolving crises are explained by the relationships between financial and technological decisions, "money and machineries" must both be explained as endogenous variables.
Andrea FUMAGALLI, Stefano LUCARELLI
Monetary Economy of Production, Technological Diffusion, Long Wave Approach, Schumpeter