Schumpeter’s View on Innovation and Entrepreneurship

Śledzik, Karol

doi:10.2139/ssrn.2257783

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Schumpeter’s View on Innovation and Entrepreneurship

Management Trends in Theory and Practice, (ed.) Stefan Hittmar, Faculty of Management Science and Informatics, University of Zilina & Institute of Management by University of Zilina, 2013, ISBN 978-80-554-0736-4

7 Pages Posted: 30 Apr 2013 Last revised: 24 Sep 2013

See all articles by Karol Śledzik

Karol Śledzik

University of Gdansk, Faculty of Management

Date Written: April 29, 2013

Abstract

We are living in a complex and dynamic world in which innovation and entrepreneurship are occupying a decisive role for economic development. According to Joseph Alois Schumpeter “carrying out innovations is the only function which is fundamental in history”. He also accented that It is entrepreneurship that ”replaces today’s Pareto optimum with tomorrow’s different new thing”. Schumpeter's words that entrepreneurship is innovation have never seemed so appropriate as the nowadays, when modern capitalism is experiencing a serious crisis and lost his strength during last subprime and euro-debt crises. The purpose of this paper is the analysis of the Schumpeter’s innovation concept in a context of “first” and “second” Entrepreneurship theory.

Keywords: Innovation, Entrepreneurship, Schumpeter’s Economy

JEL Classification: A11, B25, O11

Suggested Citation: Suggested Citation

Śledzik, Karol, Schumpeter’s View on Innovation and Entrepreneurship (April 29, 2013). Management Trends in Theory and Practice, (ed.) Stefan Hittmar, Faculty of Management Science and Informatics, University of Zilina & Institute of Management by University of Zilina, 2013, ISBN 978-80-554-0736-4, Available at SSRN: https://ssrn.com/abstract=2257783 or http://dx.doi.org/10.2139/ssrn.2257783