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

See all articles by Kanak Patel

Kanak Patel

University of Cambridge - Department of Land Economy

Kirill Zavodov

University of Cambridge

Multiple version iconThere are 2 versions of this paper

Date Written: May 6, 2010

Abstract

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

Patel, Kanak and Zavodov, Kirill, Schumpeter on Queen Elizabeth’s Stockings and the Co-Evolutionary Nature of Innovation (May 6, 2010). Homo Oeconomicus, Vol. 27, No. 1/2, pp. 69-88, 2010. Available at SSRN: https://ssrn.com/abstract=1601537

Kanak Patel

University of Cambridge - Department of Land Economy

19 Silver Street
Cambridge, CB3 9EP
United Kingdom
44 1 223 332174 (Phone)

Kirill Zavodov (Contact Author)

University of Cambridge ( email )

Magdalene College
Cambridge, CB3 0AG
United Kingdom

HOME PAGE: http://www.kirillzavodov.com/

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