Scandinavian Working Papers in Economics

Working Paper Series,
Research Institute of Industrial Economics

No 1222: The Collaborative Innovation Bloc: A New Mission for Austrian Economics

Niklas Elert () and Magnus Henrekson ()
Additional contact information
Niklas Elert: Research Institute of Industrial Economics (IFN), Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden
Magnus Henrekson: Research Institute of Industrial Economics (IFN), Postal: Research Institute of Industrial Economics, Box 55665, SE-102 15 Stockholm, Sweden

Abstract: We argue that scholars in the Austrian tradition of economics should incorporate the notion of a collaborative innovation bloc into their study of spontaneous market order. We demonstrate how successful entrepreneurship depends on an innovation bloc of this kind, a system of innovation that evolves and within which activity takes place through time. The innovation bloc consists of five pools of economic skills from which people are drawn or recruited to form part of a collaborative team, which is necessary if innovation-based venturing is to flourish. The five skills are entrepreneurs, early- and later-stage-financiers, key personnel, and customers. Through real-world examples, we show how the application of the collaborative innovation bloc perspective could help make Austrian economics more concrete, relevant and persuasive, especially in regard to policy prescriptions.

Keywords: Austrian Economics; Entrepreneurship; Innovation; Institutions; Schumpeterian entrepreneurship; Spontaneous order

JEL-codes: B53; D20; G32; L23; L26; O33

36 pages, June 20, 2018

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