Unternehmertum in der Finanzwirtschaft - Ein evolutionsökonomischer Beitrag zur Theorie der Finanzintermediation

Since the pioneering work of SCHUMPETER, innovation is seen as a driving force for economic growth. In this context the role of money and the process of raising funds has caused some controversy, e.g. SCHUMPETERs thesis that the banker takes over the role as a financier of innovation has found no empirical support. This work dedicates itself the question whether and to what extent financial management has a significant influence on real economic activity. First, SCHUMPETERs "financing error" is demonstrated by its theoretical and historical backgrounds. Second, the issues of endogenous money supply and corresponding transmission mechanisms are addressed in an evolutionary analytical setting. With regard to the question of economic growth, this shows on the one hand the importance of financial multipliers. On the other hand some problems of financial intermediation (banks, venture capital firms) are exposed which find their expression in a decreasing rate of innovation. In addition, the findings mentioned above have serious consequences for economic policy advice because traditional ways of promoting the economy might threaten rather than help the founder.