The Austrian Theory of Institutions Applied to Science-Industry Relationships: The Relevance of Innovative Institutions

The Austrian Theory of Institutions Applied to Science-Industry Relationships: The Relevance of... This contribution aims at using an Austrian approach of institutions to discuss specific institutional arrangements in the current working of science-industry relationships. By combining distinctive characteristics between Menger's and Hayek's research programs, we establish a typology of institutions that goes beyond the usual way to approach business institutions and allows us to identify transitory types of institutional arrangements called “innovative institutions”. We apply that Austrian approach of institutions and address its relevance to highlight some puzzling issues derived from empirical evidence. Then, innovative institutions reveal particularly suited to understand how public and private research work together in science-industry relationships. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png The Review of Austrian Economics Springer Journals

The Austrian Theory of Institutions Applied to Science-Industry Relationships: The Relevance of Innovative Institutions

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Publisher
Kluwer Academic Publishers
Copyright
Copyright © 2003 by Kluwer Academic Publishers
Subject
Economics; Public Finance; Political Science; History of Economic Thought/Methodology
ISSN
0889-3047
eISSN
1573-7128
D.O.I.
10.1023/A:1024501109450
Publisher site
See Article on Publisher Site

Abstract

This contribution aims at using an Austrian approach of institutions to discuss specific institutional arrangements in the current working of science-industry relationships. By combining distinctive characteristics between Menger's and Hayek's research programs, we establish a typology of institutions that goes beyond the usual way to approach business institutions and allows us to identify transitory types of institutional arrangements called “innovative institutions”. We apply that Austrian approach of institutions and address its relevance to highlight some puzzling issues derived from empirical evidence. Then, innovative institutions reveal particularly suited to understand how public and private research work together in science-industry relationships.

Journal

The Review of Austrian EconomicsSpringer Journals

Published: Oct 4, 2004

References

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