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.
Endogenous growth theory holds that economic growth is primarily the result of endogenous and not external forces. Endogenous growth theory holds that investment in human capital, innovation, and knowledge are significant contributors to economic growth. The theory also focuses on positive externalities and spillover effects of a knowledge-based economy which will lead to economic development. The endogenous growth theory primarily holds that the long run growth rate of an economy depends on policy measures. For example, subsidies for research and development or education increase the growth rate in some endogenous growth models by increasing the incentive for innovation.
William Jack Baumol was an American economist. He was a professor of economics at New York University, Academic Director of the Berkley Center for Entrepreneurship and Innovation, and Professor Emeritus at Princeton University. He was a prolific author of more than eighty books and several hundred journal articles. He is the namesake of the Baumol effect.
Edmund Strother Phelps is an American economist and the recipient of the 2006 Nobel Memorial Prize in Economic Sciences.
Kamer Daron Acemoğlu is a Turkish-American economist of Armenian descent who has taught at the Massachusetts Institute of Technology since 1993, where he is currently the Elizabeth and James Killian Professor of Economics, and was named an Institute Professor at MIT in 2019. He received the John Bates Clark Medal in 2005, and the Nobel Prize in Economics in 2024.
In economics, market concentration is a function of the number of firms and their respective shares of the total production in a market. Market concentration is the portion of a given market's market share that is held by a small number of businesses. To ascertain whether an industry is competitive or not, it is employed in antitrust law and economic regulation. When market concentration is high, it indicates that a few firms dominate the market and oligopoly or monopolistic competition is likely to exist. In most cases, high market concentration produces undesirable consequences such as reduced competition and higher prices.
Michael Robert Kremer is an American development economist currently serving as University Professor in Economics at the University of Chicago and Director of the Development Innovation Lab at the Becker Friedman Institute for Research in Economics. Kremer formerly served as the Gates Professor of Developing Societies at Harvard University, a role he held from 2003 to 2020. In 2019, Kremer was jointly awarded the Nobel Memorial Prize in Economic Sciences, together with Esther Duflo and Abhijit Banerjee, "for their experimental approach to alleviating global poverty."
Fabrizio Zilibotti is an Italian economist. He is the Tuntex Professor of International and Development Economics at Yale University. Zilibotti was previously professor of economics at University College London, the University of Zürich, and at the Institute for International Economic Studies in Stockholm.
Gene Michael Grossman is an American economist who is the Jacob Viner Professor of International Economics at Princeton University. He is known for his research on international trade, in large part focusing on the relationship between economic growth and trade and the political economy of trade policy. He is also known for his work on the environmental Kuznets curve.
Innovation management is a combination of the management of innovation processes, and change management. It refers to product, business process, marketing and organizational innovation. Innovation management is the subject of ISO 56000 series standards being developed by ISO TC 279.
Philippe Mario Aghion is a French economist who is a professor at the Collège de France, at INSEAD, and at the London School of Economics. He also teaches at the Paris School of Economics. From 2002 to 2015, he was the Robert C. Waggoner Professor of Economics at Harvard University. Prior to that, he was a professor at University College London, an Official Fellow at Nuffield College, Oxford, and an assistant professor at the Massachusetts Institute of Technology.
Mariana Francesca Mazzucato is an Italian–American-British economist and academic. She is a professor in the Economics of Innovation and Public Value at University College London (UCL) and founding director of the UCL Institute for Innovation and Public Purpose (IIPP). She is best known for her work on dynamics of technological change, the role of the public sector in innovation, and the concept of value in economics. The New Republic have called her one of the "most important thinkers about innovation".
Why Nations Fail: The Origins of Power, Prosperity, and Poverty, first published in 2012, is a book by economists Daron Acemoglu and James A. Robinson, who jointly received the 2024 Nobel Economics Prize for their contribution in comparative studies of prosperity between nations. The book applies insights from institutional economics, development economics, and economic history to understand why nations develop differently, with some succeeding in the accumulation of power and prosperity and others failing, according to a wide range of historical case studies.
Heidi Williams is a Professor of Economics at Dartmouth College and Director of Science Policy at the Institute for Progress. She is a graduate of Dartmouth College, and earned her MSc in development economics from Oxford University and her PhD in Economics from Harvard University. Prior to Dartmouth, Williams was the Charles R. Schwab Professor of Economics at Stanford University and an associate professor at the Massachusetts Institute of Technology. She is a member of the National Bureau of Economic Research.
William R. Kerr is the Dimitri V. D'Arbeloff – MBA Class of 1955 Professor of Business Administration professor at Harvard Business School, where he is a co-director of Harvard's Managing the Future of Work project and faculty chair of the Launching New Ventures program for executive education.
Dame Rachel Susan Griffith is a British-American academic and educator. She is professor of economics at the University of Manchester and a research director at the Institute for Fiscal Studies.
Stefanie Stantcheva is a French economist who has served as the Nathaniel Ropes Professor of Political Economy at Harvard University since 2021. She has been a member of the Conseil d’Analyse Économique since 2018. In 2018, she was described by The Economist as one of the best young economists of the decade.
Gianmarco Ireo Paolo Ottaviano is an Italian economist and Professor of Economics at Bocconi University.
Christian Catalini is a co-creator of Diem, the Chief Economist of the Diem Association, and the Theodore T. Miller Professor at the MIT Sloan School of Management.
