Theory of Economic Development

Schumpeter, J.A. (1934)

Gave an original definition of drivers of economic development, including innovation.  Also gave an original definition of “new” when relating to innovation, which differs from that we use in service innovation. Defines innovation as

1. launch of a new product or a new species of already known product;
2. application of new methods of production or sales of a product (not yet proven in the
3. opening of a new market (the market for which a branch of the industry was not yet
4. acquiring of new sources of supply of raw material or semi-finished goods;
5. new industry structure such as the creation or destruction of a monopoly position.


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