The neo-Schumpeterian growth models, which appeared in the early 1990s, have ostensibly reintroduced the entrepreneur into mainstream growth theory. However, we show that by ignoring genuine uncertainty and by assuming that profits follow an objectively true and ex ante known probability...

The neo-Schumpeterian growth models, which appeared in the early 1990s, have ostensibly reintroduced the entrepreneur into mainstream growth theory. However, we show that by ignoring genuine uncertainty and by assuming that profits follow an objectively true and ex ante known probability...

Defensive hiring of researchers by incumbent firms with monopsony power reduces creative destruction. This mechanism helps explain the simultaneous rise in R&D spending and decline in TFP growth in the US economy over recent decades. We develop a simple model highlighting the critical role of...

The neo-Schumpeterian growth models, which appeared in the early 1990s, have ostensibly reintroduced the entrepreneur into mainstream growth theory. However, we show that by ignoring genuine uncertainty and by assuming that profits follow an objectively true and ex ante known probability...

The rise of fintech is revolutionizing the financial landscape, with products and companies advancing innovative technologies to improve and automate financial services. In this paper, I use a novel dataset and implement a dynamic modelling to investigate the relationship between fintech and...

Entrepreneurship has gained significant relevance in contemporary societies due to its role in generating economic and social value, including job creation, new businesses, and technological and social innovations. Scientific interest in entrepreneurship, which dates back to the 17th century,...

This study analyzes the changes that have occurred in food logistics in the three years since the emergence of the COVID-19 pandemic and the one year since the war in Ukraine commenced. Food logistics companies are highly sensitive to demand shocks, energy prices, and staff availability. In this...

Data show that an increase in the Gini coefficient is associated with a falling bottom pB% income share and an increasing top pT% income share where, e.g. pB = 40 and pT = 1. This relationship, which we call the X inequality relationship, is pervasive in the sense that it is observed in many...

Based on a review of 700+ peer-reviewed articles since 1990, identified using text mining methodology and supervised machine learning, we analyze how neo-Schumpeterian growth theorists relate to the entrepreneur-centered view of Schumpeter Mark I and the entrepreneurless framework of Schumpeter...

The application of machine learning (ML) to big data has become increasingly important. We propose a model where firms have access to the same ML, but incumbents have access to historical data. We show that big data raises entrepreneurial barriers making the creative destruction process less...

This paper develops a North-South quality-ladder model with northern innovative R&D, southern adaptive R&D and imitative R&D to analyze the effects of tariffs on innovation, technology transfer, relative wage and welfare. We find that increasing southern tariff decreases the relative wage...

For a long time, a prevailing view was that due to the dynamic nature of competition in digital markets intervention by antitrust authorities would do more harm than good. It was assumed that the permanent risk of disruptive innovations, Joseph Schumpeter’s “perennial gale of creative...

Comparative analysis of Marx and Schumpeter's views and vision on various aspects like Capitalism has greatly interested academicians. Their understanding of aspects like Capitalism’s creative destruction has been a matter of deliberation for many great scholars in the past. Technology today...

For a long time, a prevailing view was that due to the dynamic nature of competition in digital markets intervention by antitrust authorities may do more harm than good. It was assumed that Joseph Schumpeter’s “perennial gales of creative destruction” would sufficiently discipline any...

We update Schumpeter’s original analysis, by placing his concept of the gales of creative destruction within the modern framework of Clayton Christensen’s concept of blockchain innovation. The income and wealth benefits of blockchain entrepreneurial economic growth are widely distributed,...

This study develops an open-economy Schumpeterian growth model with endogenous takeo⁄ to explore the e⁄ects of exports on the transition of an economy from stagnation to innovation-driven growth. We nd that a higher export demand raises the level of employment, which causes a larger market...

We explore the role of financial development to explain the negative correlation between capital inflows and productivity catch-up. Evidence shows that countries with higher productivity growth rates export capital while countries with lower productivity growth rates receive positive capital...

Using newly-assembled data encompassing up to 75 countries and starting circa 1910, we find that the Schumpeterian process of creative destruction aptly describes the replacement of large firms by other firms, but exceptions to the norm of replacement are not rare and replacement is often not by...

How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...

How do banks facilitate creative destruction and shape firm turnover? We develop a dynamic general equilibrium model of bank credit reallocation with endogenous firm entry and exit that allows for both theoretical and quantitative analysis. By restructuring loans to firms with poor prospects and...

The foundation for both the neo-Schumpeterian and original institutional economics school of thought is the emphasis on evolutionary processes in economies. The relationship between technology and the social rules and norms that coordinate the behavior of people provides the focus for their...

This paper, using a long-term, product-level cross-country dataset, analyzes the trade-growth nexus by introducing two novel indicators able to capture demand and supply attributes of countries' quality of specialization. The Keynesian efficiency index measures demand attractiveness of the...

Schumpeter's idea of creative destruction (CD) explains innovation functions in organisations. This paper investigates the CD concept in engineering firms by explaining how technical opportunity (TO) transforms into corporate entrepreneurship (CE) actions once opportunities have a market...