Abstract
If one accepts Joseph A. Schumpeter’s argument that innovation is the “fundamental phenomenon of economic development,” then to under-stand the process of economic development requires that we study how and under what conditions innovation occurs. If one also accepts that an understanding of the process of economic development is of central concern to economics as a social science, then economists should possess the capability to study innovation (for an extended argument on which this essay draws, see Lazonick, 1991a).
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Lazonick, W. (1994). The Integration of Theory and History. In: Magnusson, L. (eds) Evolutionary and Neo-Schumpeterian Approaches to Economics. Recent Economic Thought, vol 36. Springer, Dordrecht. https://doi.org/10.1007/978-0-585-35155-1_9
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DOI: https://doi.org/10.1007/978-0-585-35155-1_9
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