Schumpeter on Queen Elizabeth’s Stockings and the Co-Evolutionary Nature of Innovation
Homo Oeconomicus, Vol. 27, No. 1/2, pp. 69-88, 2010
Posted: 9 May 2010
Date Written: May 6, 2010
Drawing from Schumpeter's ideas on innovation, we investigate its co-evolutionary nature. We find that Schumpeterian forces of "creative destruction" and "creative accumulation" do not operate in separate domains but rather form a co-evolutionary process of innovation. Co-evolutionary trends are prevalent in as diverse industries as information and communication technologies (ICT) and women's stocking, and our terse glance through the history of innovation in the stockings industry from Queen Elizabeth I era to the present reveals how "creative destruction" and "creative accumulation" have been operating in unison to spur and spawn innovation. We discuss the implications of our findings with reference to the pace of innovative activity.
Keywords: Schumpeter, innovation, creative destruction, creative accumulation, ICT
JEL Classification: C0, C6, D4, D9, L1
Suggested Citation: Suggested Citation