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The expression "creative destruction" was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first published in 1942. Already in his 1939 book Business Cycles , he attempted to refine the innovative ideas of Nikolai Kondratieff and his long-wave cycle which Schumpeter ...
The book also popularized the term 'creative destruction' to describe innovative entry by entrepreneurs as the force that sustains long-term economic growth, even as it destroys the value of established companies that have enjoyed some degree of monopoly power. Because of the significant barriers to entry that monopolies enjoy, new entrants ...
This will exacerbate "creative destruction" (a borrowed phrase to denote an endogenous replacement of old ways of doing things by new ways), which will ultimately undermine and destroy the capitalist structure. Schumpeter emphasizes throughout this book that he is analyzing trends, not engaging in political advocacy. [42]
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.
The three major themes of the book include productivity (output per hours worked), creative destruction, and politics. Creative destruction—a term coined by political economist Joseph Schumpeter in his 1942 book Capitalism, Socialism and Democracy—is defined as the "process of industrial mutation…that incessantly revolutionizes the ...
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 ...
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One strength of the text is the account that it gives of Joseph Schumpeter's process of creative destruction. [3] Rogge helped organize a series of lectures by Milton Friedman at Wabash that were eventually developed into Friedman's Capitalism and Freedom book. [4]