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Innovations and Profits Schumpeter and the Classical Heritage
[journal article]
Kurz, Heinz D.
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Please use the following Persistent Identifier (PID) to cite this document:http://nbn-resolving.de/urn:nbn:de:0168-ssoar-253833
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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. |
| Classification | Sociology of Economics; Basic Research, General Concepts and History of Economics |
| Free Keywords | Classical economics; Competition; Inventions; Innovations; Profits; Schumpeter; Technical progress; Unintended consequences; Wages; Waste disposal |
| Document language | English |
| Publication Year | 2008 |
| Page/Pages | p. 263-278 |
| Journal | Journal of Economic Behavior & Organization, 67 (2008) 1 |
| DOI | http://dx.doi.org/10.1016/j.jebo.2007.08.003 |
| Status | Postprint; reviewed |
| Licence | PEER Licence Agreement (applicable only to documents from PEER project) |
