“I think that this is Schumpeter’s main legacy to economics: the role of technological and organizational innovation in driving and shaping the growth trajectory of capitalist economies.”

— Robert Solow

"Heavy Thinker" (2007)

Adopted from Wikiquote. Last update June 3, 2021. History

Help us to complete the source, original and additional information

Do you have more details about the quote "I think that this is Schumpeter’s main legacy to economics: the role of technological and organizational innovation in …" by Robert Solow?

Robert Solow 8

American economist 1924

Related quotes

“In my view—and that of most contemporary economists, I believe—Schumpeter’s most original and most lastingly significant book was Theory of Economic Development, which appeared in 1911 (and was translated into English in 1934). It was at the University of Czernowitz, not far from the beginning of his career as an economist, that he worked out his conception of the entrepreneur, the maker of “new combinations,” as the driving force and characteristic figure of the fits-and-starts evolution of the capitalist economy. He was explicit that, while technological innovation was in the long run the most important function of the entrepreneur, organizational innovation in governance, finance, and management was comparable in significance.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

“It is possible to see Keynesian and Schumpeterian ideas as complementary. Keynes is about short-run economic fluctuations brought about by erratic variations in the willingness of investors and governments to spend; Schumpeter is about the long-run trajectory driven by the erratic march of technological progress. This complementarity only became clear later, after both men had died, when economic growth became an explicit objective of public policy and topic of systematic analysis. Schumpeter was left frustrated by the younger generation’s affinity for his rival. In any case, the “preliminary volume” never materialized.
The world turns. Today, some sixty years after their deaths, Schumpeter’s star probably outshines Keynes’s. The business cycle has receded in importance, partly because the large industrial economies have sprouted a more stable structure, and partly because the lessons that Keynes taught have been learned by central banks and finance ministries. Instead, long-term economic growth has moved to the top of the political and intellectual agenda, and that was Schumpeter’s topic. As Robert Lucas memorably put it, once you have begun to think about economic growth, it is hard to think about anything else. It is a pity that troubled old Schumpeter did not live to see the triumph of his obsession.”

Robert Solow (1924) American economist

"Heavy Thinker" (2007)

“A final aspect of all open access orders is Schumpeter’s notion of creative destruction, one of the most powerful descriptions of a competitive, open access economy. When Schumpeter wrote Capitalism, Socialism, and Democracy in the early 1940s, the economic theory of perfect competition among atomistic firms (i. e., firms too small to have market power) had come under sustained attack as unrealistic. Large and powerful economic organizations dominated the new economy, and their behavior did not match the textbooks. Despite this dominance, the economy produced historically unprecedented, sustained economic development. Schumpeter asked, How could large businesses that were supposed to choke off competition and growth nonetheless generate such spectacular productivity increases in a world that seemed ever more competitive?”

Douglass C. North (1920–2015) American Economist

Source: Violence and Social Orders (2009), Ch. 4 : Open Access Orders

“The very technologies that some seem to be afraid of are driving innovation, and driving creativity as we sit here today. In fact, we have an unprecedented wave of creativity and product development and content development… I think the history of government mandates… is that it always, always restricts innovation. Why would we think this one special time… it will actually encourage innovation?”

John E. Sununu (1964) American politician

http://commerce.senate.gov/public/_files/broadcastaudioflag012406.pdf

“The factors we have listed (innovation, economies of scale, education, capital accumulation, etc.) are not causes of growth; they are growth.”

Douglass C. North (1920–2015) American Economist

Source: The rise of the western world, 1973, p. 2

“An exploration of the challenges Korea faces in transforming its economy from a government-directed, low-cost producer to an innovative world economic power based on its own scientific and technological development.”

Lewis M. Branscomb (1926) physicist and science policy advisor

Lewis M. Branscomb, Young-Hwan Choi (1996) Korea at the turning point: innovation-based strategies for development

“The driving force in the world economy is fast becoming a global confederation of productive vanguards. The vanguards established in different parts of the world drive one another forward. They trade with one another. They transfer personnel, technology, and organizational practices among themselves. Above all, they emulate one another.”

Roberto Mangabeira Unger (1947) Brazilian philosopher and politician

Source: Democracy Realizedː The Progressive Alternative (1998), p. 32

“As both technologies and organizations undergo dramatic changes in form and function, organizational researchers are increasingly turning to concepts of innovation, emergence, and improvisation to help explain the new ways of organizing and using technology evident in practice. With a similar intent, I propose an extension to the structurational perspective on technology that develops a practice lens to examine how people, as they interact with a technology in their ongoing practices, enact structures which shape their emergent and situated use of that technology. Viewing the use of technology as a process of enactment enables a deeper understanding of the constitutive role of social practices in the ongoing use and change of technologies in the workplace. After developing this lens, I offer an example of its use in research, and then suggest some implications for the study of technology in organizations.”

Wanda Orlikowski American computer scientist

Source: "Using technology and constituting structures", 2000, p. 404; Abstract

“Innovative roles represent patterned organizational deviance… The intra-role conflicts of the innovator stem from his engagement and commitment to the creative, non-routine aspects of his job and his corresponding disinterest and disdain for the routine or uncreative demands placed upon him.”

Robert L. Kahn (1918–2019) American psychologist

Source: Organizational stress: Studies in role conflict and ambiguity, 1964, p. 388, as cited in: Eugene E. Szymaszek (1996). Changing Role of Leadership for Vocational Education in... p. 41

“I will assert that U. S. economic growth is in lockstep with science and technology and, by extension, science education.”

Bill Nye (1955) American science educator, comedian, television host, actor, writer, scientist and former mechanical engineer

[NewsBank, J.D. Velasco, Study: California's elementary schools barely teach science, The Whittier Daily News, California, October 25, 2011]

“I think that this is Schumpeter’s main legacy to economics: the role of technological and organizational innovation in driving and shaping the growth trajectory of capitalist economies.”

Help us to complete the source, original and additional information

Robert Solow 8

Related quotes

Related topics