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Institutional Overview of Technology: Schumpeter and Veblen
Abstract
There has been an intense debate on the reasons of variations in economic performances of different countries. Institutions and technological structure are among the leading determiners. Institutions are formal and informal constraints affecting investments in physical/human capital, and technology. Factors like economies of scale, technology, education, or accumulation of physical and human capital are not all for economic growth, which itself represents political and economic institutions as the basis for the fundamental differences in economic development. At the end of the 20th century, economic thought oriented towards analysis of the institutional environment. In the 1990s, significant steps were taken with Heterodox approaches to provide more consistent alternatives to the mainstream economy. The institutional economy shows an alternative approach that adds more depth to the discussions in this area. The main objective of this chapter is to point out the contributions of Schumpeter and Veblen.
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