Joseph Alois Schumpeter was an Austrian political economist. He served briefly as Finance Minister of Austria in 1919. In 1932, he emigrated to the United States to become a professor at Harvard University, where he remained until the end of his career, and in 1939 obtained American citizenship.
In economics, Kondratiev waves are hypothesized cycle-like phenomena in the modern world economy. The phenomenon is closely connected with the technology life cycle.
Creative destruction is a concept in economics that describes a process in which new innovations replace and make obsolete older innovations.
Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 in the standard ISO 56000:2020 defines innovation as "a new or changed entity, realizing or redistributing value". Others have different definitions; a common element in the definitions is a focus on newness, improvement, and spread of ideas or technologies.
Carlota Perez is a British-Venezuelan scholar specialized in technology and socio-economic development. She researches the concept of Techno-Economic Paradigm Shifts and the theory of great surges, a further development of Schumpeter's work on Kondratieff waves. In 2012 she was awarded the Silver Kondratieff Medal by the International N. D. Kondratieff Foundation and in 2021 she was awarded an Honorary Doctorate by Utrecht University.
Entrepreneurial economics is the field of study that focuses on the study of entrepreneur and entrepreneurship within the economy. The accumulation of factors of production per se does not explain economic development. They are necessary factors of production, but they are not sufficient for economic growth.
Richard R. Nelson is an American professor of economics at Columbia University. He is one of the leading figures in the revival of evolutionary economics thanks to his seminal book An Evolutionary Theory of Economic Change (1982) written jointly with Sidney G. Winter. He is also known for his work on industry, economic growth, the theory of the firm, and technical change.
Schumpeterian rents are earned by innovators and occur during the period of time between the introduction of an innovation and its successful diffusion. It is expected that successful innovations, in time, will be imitated, but until that occurs, the innovator will earn Schumpeterian rents. They were named after economist Joseph Schumpeter, who saw profits made by businesses as resulting from the development of new processes which disturb economic equilibrium, temporarily raising revenues above their resource costs. This type of profit is also called entrepreneurial rent.
Frederic Michael Scherer is an American economist and expert on industrial organization. Since 2006, he continues as a professor of economics at the JFK School of Government at Harvard University.
Innovation economics is new, and growing field of economic theory and applied/experimental economics that emphasizes innovation and entrepreneurship. It comprises both the application of any type of innovations, especially technological, but not only, into economic use. In classical economics this is the application of customer new technology into economic use; but also it could refer to the field of innovation and experimental economics that refers the new economic science developments that may be considered innovative. In his 1942 book Capitalism, Socialism and Democracy, economist Joseph Schumpeter introduced the notion of an innovation economy. He argued that evolving institutions, entrepreneurs and technological changes were at the heart of economic growth. However, it is only in recent years that "innovation economy," grounded in Schumpeter's ideas, has become a mainstream concept".
Nathan Rosenberg was an American economist specializing in the history of technology.
Christopher Freeman a British economist, recognised as one of the founders of the post-war school of Innovation Studies. He played a lead role in the development of the neo-Schumpeterian tradition focusing on the crucial role of innovation for economic development and of scientific and technological activities for well-being.
Science Policy Research Unit (SPRU) is a research centre based at University of Sussex in Falmer, near Brighton, UK. It focuses on long term transformative change, science policy and innovation across different sectors, societies and structures. It was one of the first interdisciplinary research centres in the field of science and technology policy and at the forefront of the development of innovation as an academic discipline. Alongside internationally renowned research, SPRU also offers a range of MSc courses, as well as PhD research degrees.
A technological revolution is a period in which one or more technologies is replaced by another novel technology in a short amount of time. It is a time of accelerated technological progress characterized by innovations whose rapid application and diffusion typically cause an abrupt change in society.
The Other Canon Foundation is a center and network for research of heterodox economics founded by Erik Reinert. The name refers to the founders' message of there being another economic canon, alternative to the ruling neoclassical economics. Their suggestions, they claim, are valid for and can be applicated in the first, second and third world.
Zizhu chuangxin is a term frequently used in China by the Chinese government, academics, and businesses to describe the Chinese technology-led economic transformation in the past decades.
The Norwegian paradox is a dilemma of Norway's economic performance where economic performance is strong despite low R&D investment.
The concept of technological paradigm is commonly attributed to Giovanni Dosi. The concept is sometimes seen as performing a similar role to the concept of "scientific paradigms", as advanced by Thomas Kuhn.
Technological transitions (TT) can best be described as a collection of theories regarding how technological innovations occur, the driving forces behind them, and how they are incorporated into society. TT draws on a number of fields, including history of science, technology studies, and evolutionary economics. Alongside the technological advancement, TT considers wider societal changes such as "user practices, regulation, industrial networks, infrastructure, and symbolic meaning or culture". Hughes refers to the 'seamless web' where physical artifacts, organizations, scientific communities, and social practices combine. A technological transition occurs when there is a major shift in these socio-technical configurations.
Research Policy is a monthly peer-reviewed academic journal published by Elsevier on behalf of the Science Policy Research Unit. It was established by British economist Christopher Freeman in 1971 and is regarded as the leading journal in the field of innovation studies. It is listed as one of the 50 journals used by the Financial Times to compile its business-school research ranks.
