Schumpeter for dummies

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Information about Schumpeter for dummies

Published on September 29, 2015

Author: FlorianoB

Source: slideshare.net

1. Schumpeter for dummies his view on innovation and entrepreneurship Floriano Bonfigli @io_floriano

2. • What matters in terms of economic growth, investment and employment, is not the discovery of basic innovation, but rather the diffusion of basic innovation. • It is not the power of ideas but the power that gets things done. • The pure new idea is not adequate by itself to lead to implementation. This must be taken up by a strong character, the entrepreneur, and implemented through their influence. • In conclusion, innovations are essential to explaining economic growth, and the entrepreneur is the central innovator. Economic growth

3. • The only things a person needs to be an entrepreneur are “the will and the action”. • The entrepreneur’s main function is to allocate existing resources to new uses and new combinations. • Entrepreneurs’ main distinctive features are linked with their courage for carrying out a new plan even if they do not have complete knowledge. • The entrepreneur characteristic task consists precisely in breaking up old, and creating new, tradition. • The entrepreneur can be a very discrete person who need not to convince others from the market about the desirability of their vision, capacities or abilities because he or she is able to “lead the means of production into new channels” and • Often “the only man he has to convince or to impress is the banker who is to finance him”. The entrepreneur

4. • Often “the only man he has to convince or to impress is the banker who is to finance him”. • In fact, entrepreneurs are not necessarily the possessors of the capital used for carrying out the new combinations, because in many cases they use stocks of capital supplied through the mechanisms of credit by capitalists or bankers. • It is not necessarily an entrepreneur who receives profit, but surely it is created entirely thanks to him. Profit goes to the capitalist, the owner of the company. • The entrepreneurial profit constitutes an independent value phenomenon fundamentally connected with the role of leadership they have in the economic system. The entrepreneur, the capitalist and the banker

5. • http://compaso.eu/wp- content/uploads/2013/01/Compaso2012-32- Croitoru.pdf • http://www.academia.edu/5396861/SCHUMPETER _S_VIEW_ON_INNOVATION_AND_ENTREPRENEURS HIP References

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