Schum-peter Mark II

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Schumpeter’s (II) Law of Innovating Large Firms:

Schumpeter’s (II) Law of Innovating Large Firms John Abraham Yousif Simdi Erik Fullerton

Who is Joseph Alois Schumpeter?:

Who is Joseph Alois Schumpeter? 1883 Austrian Empire - 1950 United States Education: Law and Economics Career: Politician and Business man Chair at University of Bonn- Germany Professor at Harvard University- US Developed his identity as a writer and social scientist

Mark I Model:

Mark I Model “The Theory of Economic Development” in 1912 Innovation and technological change of a nation comes from entrepreneurs. Mark I focused mostly on individual entrepreneurs and identified them as “wild spirits” “Creative destruction” Widening- creating more innovators

Creative Destruction:

Creative Destruction Creative destruction’ is the selecting out of firms Innovation  Temp Market Power Term in Economics identified by Schumpeter adapted from Karl Marx Capitalist economic development arises out of the destruction of some prior economic order

Mark II Model:

Mark II Model “Capitalism, Socialism and Democracy” in 1942 Developed while teaching at Harvard, Mark II focused on the innovation of larger firms. “Creative Accumulation” Deepening- concentrated and rather stable population of innovators

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