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@article{ Kurz2008,
 title = {Innovations and Profits Schumpeter and the Classical Heritage},
 author = {Kurz, Heinz D.},
 journal = {Journal of Economic Behavior & Organization},
 number = {1},
 pages = {263-278},
 volume = {67},
 year = {2008},
 doi = {https://doi.org/10.1016/j.jebo.2007.08.003},
 urn = {https://nbn-resolving.org/urn:nbn:de:0168-ssoar-253833},
 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.},
}