Question
Who propounded the Innovation theory of profits ?
Answer: Option B
Answer: (b)
Schumpeter’s (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the seeking out of opportunities for novel value-generating activities which would expand (and transform) the circular flow of income.
It did so with reference to a distinction between invention or discovery on the one hand and innovation, commercialization and entrepreneurship on the other.
This separation of invention and innovation marked out the typical nineteenth-century institutional model of innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.
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Answer: (b)
Schumpeter’s (1934) original theory of innovative profits emphasized the role of entrepreneurship (his term was entrepreneurial profits) and the seeking out of opportunities for novel value-generating activities which would expand (and transform) the circular flow of income.
It did so with reference to a distinction between invention or discovery on the one hand and innovation, commercialization and entrepreneurship on the other.
This separation of invention and innovation marked out the typical nineteenth-century institutional model of innovation, in which independent inventors typically fed discoveries as potential inputs to entrepreneurial firms.
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