Entrepreneurship, Creative Destruction, and the Nature of Innovation

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

2024
Views:

394

Pages:

2
Author:

Caroline H.

ENTREPRENEURSHIP, CREATIVE DESTRUCTION, AND THE NATURE OF INNOVATION 1. Introduction  The role of creativity in modern enterprises  "Creative destruction" and its historical roots 2. The Entrepreneur as an Innovator  Entrepreneurship as a natural capacity to discover market opportunities  The intrinsic motivation of entrepreneurs beyond profit 3. Historical Context: German Romantic Philosophy and Renaissance Ideals  German Romantic philosophy's emphasis on human creation  The connection between human creativity and innovation 4. Schumpeter's Theory of Innovation  The erosion of profit margins during the diffusion of innovations  Schumpeter's alignment with Menger's Methodenstreit and Walras' Law 5. Schumpeter vs. Schmoller and de Saint Simon  Differences in views on innovation and its triggers  Schumpeter's assertion that innovation is an independent process 6. Creative Destruction as a Market Mechanism  The role of competition in driving qualitative and quantitative economic improvement  The importance of technological advantage and R&D activity 7. Forms of Competition and Innovation  Price competition vs. non-price mechanisms in innovation  The coexistence of cheap, inferior goods and expensive, innovative ones 8. Economic Equilibrium vs. Real-World Dynamics  The concept of economic equilibrium and its absence in the real world  Constant adaptation to changing market conditions 9. Factors Influencing Steady State and Development  External factors (e.g., legal, political, natural environment)  Internal factors (e.g., changing preferences, production resources) 10.The Role of Innovation in Development  Incremental changes and their role in innovation  Development as the result of new ways of applying production resources