Next Article in Journal / Special Issue
Effect of Student Activity Participation on Accounting Education
Previous Article in Journal
Development of Entrepreneurial Activity in the Czech Republic over the Years 2005–2017
Previous Article in Special Issue
What Dynamic Managerial Capabilities Are Needed for Greater Strategic Alliance Performance?
Article Menu

Export Article

Open AccessArticle

Productivity Slowdown, Exhausted Opportunities and the Power of Human Ingenuity—Schumpeter Meets Georgescu-Roegen

Institute for Economics, University of Hohenheim, 70599 Stuttgart, Germany
*
Author to whom correspondence should be addressed.
J. Open Innov. Technol. Mark. Complex. 2019, 5(3), 39; https://doi.org/10.3390/joitmc5030039
Received: 30 May 2019 / Revised: 20 June 2019 / Accepted: 21 June 2019 / Published: 26 June 2019
  |  
PDF [302 KB, uploaded 27 June 2019]

Abstract

Western economies nowadays are confronted with a predicted productivity slowdown resulting in diminishing rates of economic growth. While some scholars see these developments as an indication of the approaching end of growth due to fully exploited technological opportunities, this article contends that the possibilities for radical, paradigm changing innovations are far from being exploited. Building on contributions from Schumpeter and Georgescu-Roegen, we argue that the human capacity to expand technological and intellectual frontiers must not be underestimated. In a selective retrospect, our narrative identifies and describes four historical incidents reflecting different perceptions of the power of the human mind. It synthesizes the mentioned economists’ viewpoints with the effects of these incidents to reproduce the intellectual roots of the recently developed concept of Dedicated Innovation Systems (DIS). We conclude that traditional macro-level indicators are not suitable to capture transformation processes, which is why we propose to interpret growth indicators and the alleged productivity slowdown quite differently. We argue that human ingenuity and transformation processes dedicated to sustainability will open up new opportunity spaces, thereby combining an increase in economic welfare and social justice with a reduction of negative environmental impact. View Full-Text
Keywords: economic growth; economic development; Schumpeter; Georgescu-Roegen; productivity slowdown; knowledge; human ingenuity; transformation; qualitative change; Dedicated Innovation System (DIS) economic growth; economic development; Schumpeter; Georgescu-Roegen; productivity slowdown; knowledge; human ingenuity; transformation; qualitative change; Dedicated Innovation System (DIS)
This is an open access article distributed under the Creative Commons Attribution License which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited (CC BY 4.0).
SciFeed

Share & Cite This Article

MDPI and ACS Style

Pyka, A.; Bogner, K.; Urmetzer, S. Productivity Slowdown, Exhausted Opportunities and the Power of Human Ingenuity—Schumpeter Meets Georgescu-Roegen. J. Open Innov. Technol. Mark. Complex. 2019, 5, 39.

Show more citation formats Show less citations formats

Note that from the first issue of 2016, MDPI journals use article numbers instead of page numbers. See further details here.

Article Metrics

Article Access Statistics

1

Comments

[Return to top]
J. Open Innov. Technol. Mark. Complex. EISSN 2199-8531 Published by MDPI AG, Basel, Switzerland RSS E-Mail Table of Contents Alert
Back to Top