Innovations and Profits Schumpeter and the Classical Heritage

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[Zeitschriftenartikel]

Kurz, Heinz D.

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Abstract	The paper discusses the problem of innovations and profits from a Schumpeterian perspective using the analytical tools of modern classical economics. The concept of “circular flow” is formalised and Schumpeter's zero-profits assumption investigated. Next a typology of process innovations is discussed using a simple two-sector framework. In Schumpeter profits are transitional phenomena. In the conditions contemplated, increases in labor productivity will lead to rising real wages. The argument is generalized to product-cum-process innovations in systems with joint production where a bad that is costly to dispose of is transformed into a good that can be marketed profitably.
Klassifikation	Wirtschaftssoziologie; Allgemeines, spezielle Theorien und "Schulen", Methoden, Entwicklung und Geschichte der Wirtschaftswissenschaften
Freie Schlagwörter	Classical economics; Competition; Inventions; Innovations; Profits; Schumpeter; Technical progress; Unintended consequences; Wages; Waste disposal
Sprache Dokument	Englisch
Publikationsjahr	2008
Seitenangabe	S. 263-278
Zeitschriftentitel	Journal of Economic Behavior & Organization, 67 (2008) 1
DOI	http://dx.doi.org/10.1016/j.jebo.2007.08.003
Status	Postprint; begutachtet (peer reviewed)
Lizenz	PEER Licence Agreement (applicable only to documents from PEER project)