Economic Processes, Innovation, and Creative Destruction

University:
Swansea University
Course:
FIN520 | Financial Ethics and Accountability
Academic year:

2024
Views:

310

Pages:

2
Author:

Caroline H.

ECONOMIC PROCESSES, INNOVATION, AND CREATIVE DESTRUCTION 1. Introduction  Categorizing economic processes: circular flow, development, interference  The relationship between competition and innovation 2. Innovation and Competition  Constant innovation-driven competition and its impact on markets  The dynamic nature of the innovation-driven monopoly 3. Innovation and Perfect Competition  The weakening of innovation under perfect competition  The role of inertia and risk in hindering development 4. Schumpeter's Model of Economic Evolution  Four stages: initial equilibrium, innovation, renewed equilibrium, economic evolution  The role of innovators in upsetting the initial equilibrium 5. Schumpeterian "Creative Destruction"  The dual aspects of "creative destruction"  The socio-political reactions inherent in capitalism 6. The Schumpeterian Theory of Innovation  Innovation as a key driver of economic development  Schumpeter's broad definition of innovation 7. Schumpeter's Triad of Technological Change  The stages of invention, innovation, and imitation  Evaluating innovation through R&D expenditure and outcomes 8. Characteristics of Innovation and Economic Development  The complex and incremental nature of innovations  The impact of innovation on the economic structure and markets 9. Innovation in Disequilibrium  Conditions favorable for innovation  Concentration of innovation activity in specific sectors 10.Innovation as a Dynamic Force  Innovation as an industrial mutation revolutionizing economic structures  The inevitability of change in capitalism 11.Innovation and Production  The creation of new business centers and modernization  The individual's role in creating inventions and driving innovation 12.Schumpeter's Approach to Technological Progress  Technological progress as an increase in global productivity  The connection between technological progress and production growth