The Inventor’s Role: Was Schumpeter Right?

The Inventor ’ s Role : Was Schumpeter Right ?

According to Schumpeter, the creative process of economic development can be divided into the three distinguishable stages of invention, innovation (commercialization) and imitation. Following this theory, invention and innovation require different skills. This paper tests whether the invention and innovation stages should be undertaken by different agents. We also show why there is a rationale...

Where Schumpeter was nearly Right – the Swedish

In Capitalism, Socialism and Democracy Joseph A. Schumpeter concluded that socialism would eventually displace capitalism in Western democracies. This would come about as a result of the superior performance of capitalism. We extract six ”stylized” propositions that are essential elements of Schumpeter’s prediction about the fate of capitalism. These propositions are confronted with the develop...

Why Schumpeter was Right: Innovation, Market Power, and Creative Destruction in 1920s America

Association. All rights reserved. ISSN 0022-0507. Tom Nicholas is an economics consultant for the Brattle Group. E-mail: [email protected]. The data on which this article is based were collected under a British Academy Postdoctoral Fellowship at the London School of Economics. I am very grateful to the Economic History Department for hosting me and for providing a congenial atmosphere fo...

Was Einstein 100% Right ? *

The confrontation between General Relativity and experimental results, notably binary pulsar data, is summarized and its significance discussed. The agreement between experiment and theory is numerically very impressive. However, some recent theoretical findings (existence of non-perturbative strong-field effects, natural cosmological attraction toward zero scalar couplings) suggest that the pr...

Fisher Was Right