How to pronounce“schumpeterian”in English
innovators. And the third idea is creative destruction. New innovation displaces old technologies. And at the very heart
of this Schumpeterian growth model, there is a contradiction. On the one hand, you need the innovation rents to motivate innovation activities. But on
the other hand, yesterday's innovators are very tempted to use their rents to prevent subsequent innovations because they don't want themselves to be subject
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Definitions of “schumpeterian”
Of or pertaining to the economist Joseph Alois Schumpeter (1883–1950).
“Rather than simply an extension of Smithian dynamics of market expansion and labor specialization, economic growth in early modern Europe was nurtured by Schumpeterian principles in which it is not perfect markets, but rather imperfect markets, that spur innovation and economic growth.”