Search results
Results from the WOW.Com Content Network
The source of Schumpeter's dynamic, change-oriented, and innovation-based economics was the historical school of economics. Although his writings could be critical of that perspective, Schumpeter's work on the role of innovation and entrepreneurship can be seen as a continuation of ideas originated by the historical school, especially the work ...
Capitalism, Socialism, and Democracy is a book on economics, sociology, and history by Joseph Schumpeter, arguably his most famous, controversial, and important work. It's also one of the most famous, controversial, and important books on social theory, social sciences, and economics —in which Schumpeter deals with capitalism, socialism, and creative destruction.
Innovation economics is new, and growing field of economic theory and applied / experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but not only, into economic use. In classical economics this is the application of customer new technology ...
Neo-Schumpeterian economics. Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by ...
Such innovation, however, is a double-edged sword: The effect of continuous innovation ... is to devalue, if not destroy, past investments and labour skills. Creative destruction is embedded within the circulation of capital itself. Innovation exacerbates instability, insecurity, and in the end, becomes the prime force pushing capitalism into ...
The Linear Model of Innovation was an early model designed to understand the relationship of science and technology that begins with basic research that flows into applied research, development and diffusion [1] It posits scientific research as the basis of innovation which eventually leads to economic growth. [2]
According to Schumpeter, an entrepreneur is a person who is willing and able to convert a new idea or invention into a successful innovation. Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in whole or in part inferior innovations across markets and industries, simultaneously creating new products ...
Technological innovation theory. According to the innovation theory, these waves arise from the bunching of basic innovations that launch technological revolutions that in turn create leading industrial or commercial sectors. Kondratiev's ideas were taken up by Joseph Schumpeter in the 1930s.