Abstract
This paper sets out some microfoundations for Schumpeter’ s theory of innovation-driven business cycles. A model is developed to represent these cycles, which incorporates two of the three main elements of Schumpeter's analysis: innovation and profit-seeking. The third element emphasized by Schumpeter, the role of credit, is taken as an exogenous factor.
| Original language | English |
|---|---|
| Pages (from-to) | 235-244 |
| Number of pages | 10 |
| Journal | Economics of Innovation and New Technology |
| Volume | 4 |
| Issue number | 3 |
| DOIs | |
| State | Published - 1 Jan 1996 |
Keywords
- Business cycles
- Innovation
- Profit-seeking
ASJC Scopus subject areas
- General Economics, Econometrics and Finance
- Management of Technology and Innovation