Business innovation and economic development: From creative destruction to the coordinated social big bang
Keywords:
Schumpeter, innovation, entrepreneurship, economic development, dynamic efficiencyAbstract
This article is based on Schumpeter's distinction between innovation and invention based on its economic consequences and analyzes his well-known concept of creative destruction caused by business innovation. Next, it focuses on the decisive effect of social harmonization of the exercise of entrepreneurship, suggesting the overcoming of the Schumpeterian concept through the idea of coordinating creativity. In this way, it is understood that business innovation, instead of leading to the self-destruction of capitalism, makes unlimited economic and social development possible, a process that has been called a coordinated social big bang.Downloads
References
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