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Yet, the Schumpeterian variant of the long-cycles hypothesis, stressing the initiating role of innovations, commands the widest attention today. [58] In Schumpeter's view, technological innovation is the cause of both cyclical instability and economic growth.
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.
Developing the Schumpeterian legacy, the school of the Science Policy Research Unit of the University of Sussex further detailed the importance of creative destruction. In particular, new technologies are often incompatible with the existing productive regimes and will bankrupt companies and even industries that change too slowly.
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 ...
Innovation economics emerges from other schools of thought in economics, including new institutional economics, new growth theory, endogenous growth theory, evolutionary economics and neo-Schumpeterian economics. It provides an economic framework that explains and helps support growth in today's knowledge economy. Leading theorists of ...
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Trump is known as a prolific tweeter, which is why a research team decided to analyze those communications as a way to gain insights into his personality.
The ISS organizes a biannual conference on topics that mirror Schumpeterian ideas, helps financing international conferences, and promotes the dissemination of research through conference proceedings and other publications. Recent scholarly contributions related to Schumpeter are awarded with academic prizes by the ISS.