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Capitalism requires] the perennial gale of Creative Destruction. [24] In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the disruptive force that sustained economic growth, even as it destroyed the value of established companies and laborers that enjoyed some degree of monopoly power derived from previous technological ...
Schumpeter was one of the most influential economists of the early 20th century, and popularized the term "creative destruction", coined by Werner Sombart. [ 5 ] [ 6 ] [ 7 ] His magnum opus is considered Capitalism, Socialism and Democracy .
Schumpeter devotes the first 56 pages of the book to an analysis of Marxian thought and the place within it for entrepreneurs. Noteworthy is the way that Schumpeter points out the difference between the capitalist and the entrepreneur, a distinction that he claims Karl Marx would have been better served to have made (p. 52).
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 replacing old, less productive structures with new, more productive ones.
Mario Amendola and Jean-Luc Gaffard: "The Market Way to Riches: Behind the Myth", Edward Elgar, Cheltenham, 2006 Thomas McCraw: "Prophet of Innovation: Joseph Schumpeter and Creative Destruction", Harvard University Press, Cambridge, MA and London, 2007 2010 Bart Nootebomm: "A cognitive theory of the firm. Learning, governance and dynamic ...
Download QR code ; Print/export ... Causation and also in Joseph Schumpeter's "creative destruction" theory of ... under the Creative Commons Attribution-ShareAlike 4 ...
In Marxian economics, the equivalent to Schumpeterian rent is the extra surplus value that is extracted from the laborer during the rise of local productivity, meaning the development of the productive forces through innovation owned by the respective capitalist, while all other enterprises are left with yet undeveloped productive forces.
Igami, Mitsuru (2017). "Estimating the Innovator's Dilemma: Structural Analysis of Creative Destruction in the Hard Disk Drive Industry, 1981–1998". Journal of Political Economy. 125 (3): 798– 847. doi:10.1086/691524. S2CID 222427427. "Estimating the innovator's dilemma: Q&A with Yale economist Mitsuru Igami" (Interview). Interviewed by ...