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The Role of Information and Risk Sharing for R&D Investment, Technological Change and Economic Welfare

Burkhard Drees, Bernhard Eckwert

Abstract

This judicious selection of recent essays demonstrates the applicability of the fundamental principles of neo-Schumpeterian economics, namely, innovation and uncertainty. The authors demonstrate how neo-Schumpeterian economics is developing into a comprehensive economic theory encompassing industry, the public sector and financial markets.

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Key concepts: Economics, Investment (military), Technological change, Economic welfare, Welfare, Adverse selection, Selection (genetic algorithm), Neoclassical economics