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date: 17 February 2019

Abstract and Keywords

Innovation is an expensive process; significant resources must be expended to initiate, direct, and sustain it. It is a process that takes time which means that the resources that support it must be committed until the process is complete. According to this article, contemporary economists of innovation have largely neglected the relationship between finance and innovation. This article notes that empirical research has not kept pace with theoretical developments and the evidence that does exist, even on basic propositions, is often ambiguous. Furthermore, this article points to serious limitations associated with the dominant analytical approaches employed in micro- and macroeconomic research on finance for analyzing the dynamics of economic change. In closing, it draws attention to some crucial questions that need to be addressed in new research on finance and innovation.

Keywords: innovation, contemporary economists, finance, empirical research, economic change

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