Hayek on Product Innovation and Market Shaping: Opening the Black Box

Burak Erkut

doi:10.36484/liberal.757980

EN TR

Hayek on Product Innovation and Market Shaping: Opening the Black Box

Abstract

Innovation is very often described as the introduction a novelty, and it remained in the agenda of economics since Schumpeter’s ground-braking observations. Current literature categorizes innovations by means of product and process innovations; nevertheless, the economics literature in general and evolutionary economic literature in particular is mainly focusing on process innovations. In this literature review, the author aims to answer the question of why product innovation and the corresponding pioneer market shaping phase remain to be a black box in economics, and how can the concerns underlying this observation be addressed by using Hayekian insights.

Keywords

Product innovation, market shaping, Hayek, evolutionary economics

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Details

Primary Language

English

Subjects

Economics

Journal Section

Review

Authors

Burak Erkut ^*
Cyprus

Publication Date

December 25, 2020

Submission Date

June 25, 2020

Acceptance Date

December 23, 2020

Published in Issue

Year 2020 Volume: 25 Number: 100

DOI

https://doi.org/10.36484/liberal.757980

IZ

https://izlik.org/JA95RE98NF

APA

Erkut, B. (2020). Hayek on Product Innovation and Market Shaping: Opening the Black Box. Liberal Düşünce Dergisi, 25(100), 169-189. https://doi.org/10.36484/liberal.757980

AMA

1.Erkut B. Hayek on Product Innovation and Market Shaping: Opening the Black Box. Liberal Düşünce Dergisi. 2020;25(100):169-189. doi:10.36484/liberal.757980

Chicago

Erkut, Burak. 2020. “Hayek on Product Innovation and Market Shaping: Opening the Black Box”. Liberal Düşünce Dergisi 25 (100): 169-89. https://doi.org/10.36484/liberal.757980.

EndNote

Erkut B (December 1, 2020) Hayek on Product Innovation and Market Shaping: Opening the Black Box. Liberal Düşünce Dergisi 25 100 169–189.

IEEE

[1]B. Erkut, “Hayek on Product Innovation and Market Shaping: Opening the Black Box”, Liberal Düşünce Dergisi, vol. 25, no. 100, pp. 169–189, Dec. 2020, doi: 10.36484/liberal.757980.

ISNAD

Erkut, Burak. “Hayek on Product Innovation and Market Shaping: Opening the Black Box”. Liberal Düşünce Dergisi 25/100 (December 1, 2020): 169-189. https://doi.org/10.36484/liberal.757980.

JAMA

1.Erkut B. Hayek on Product Innovation and Market Shaping: Opening the Black Box. Liberal Düşünce Dergisi. 2020;25:169–189.

MLA

Erkut, Burak. “Hayek on Product Innovation and Market Shaping: Opening the Black Box”. Liberal Düşünce Dergisi, vol. 25, no. 100, Dec. 2020, pp. 169-8, doi:10.36484/liberal.757980.

Vancouver

1.Burak Erkut. Hayek on Product Innovation and Market Shaping: Opening the Black Box. Liberal Düşünce Dergisi. 2020 Dec. 1;25(100):169-8. doi:10.36484/liberal.757980

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Hayek on Product Innovation and Market Shaping: Opening the Black Box

Abstract

Keywords

Hayek’te Ürün İnovasyonu ve Pazar Şekillenmesi: Kara Kutuyu Açmak

Abstract

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Cite

Cited By

Corporate entrepreneurship programmes as mechanisms to accelerate product innovations

Reconciling Corporate Entrepreneurship and Product Innovation: An Evolutionary Economic Overview