Over the past three decades, mainstream and non- mainstream economics have proposed several rival explanations and policy advices. It could be argued that a chief Difference between them lies in their approach to the role of government that is reflected even in their most simple analyses. However, some lines of convergence could be traced too. This article tries to provide a critical analysis of both streams, especially in the field of technology and innovation. It focuses on their industry analysis frameworks to discuss two areas of convergence, namely the knowledge economy and the socio-technical systems. At the end, we would conclude that a progressive trends seems to be emergent from combining those streams that in turn would bring them closer to each other.