The purpose of the article is to assess the integrity of the elements of innovation processes and to measure their efficiency based on the Schumpeter trilogy concept. The research was conducted with regard to European Union (EU) countries. The paper applies the partial least squares structural...

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...