genesis of innovation

Laperche, Uzunidis & Tunzelmann – The Genesis of Innovation

“Knowledge and innovation are the two main resources of contemporary capitalism. To study and understand these roles, it is first helpful to draw on the theory of systems. Technological innovation cannot be understood when isolated from its context. Putting innovation in perspective requires a holistic and systemic approach: new technologies, new products, but also new markets, new organization and new management practices.

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Thomas K. McCraw business cycles (image via news.harvard.edu)

Thomas K. McCraw | Schumpeter’s Business Cycles as Business History

“Schumpeter chose the title Business Cycles not only because the topic was then fashionable (it was the central economic puzzle of the time, and had been even before the Great Depression), but also because he wanted to emphasize the economic ebb and flow that defines capitalism. “Cycles,” he writes in his preface, “are not, like tonsils, separable things that might be treated by themselves, but are, like the beat of the heart, of the essence of the organism that displays them.”

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milton friedman capitalism and freedom (image via www.themainewire.com)

Milton Friedman – Capitalism and Freedom

In discussing the principles of a free society it is desirable to have a convenient label and this has become extremely difficult. In the late 18th and early 19th centuries, an intellectual movement developed that went under the name of Liberalism. This development, which was a reaction against the authoritarian elements in the prior society, emphasized freedom as the ultimate goal and the individual as the ultimate entity in the society.

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max weber The Protestant Ethic and the Spirit of Capitalism

Max Weber – The Protestant Ethic and the Spirit of Capitalism

“German philosophy, political theory and economics in the nineteenth century were very different from their counterparts in Britain. The dominant position of utilitarianism and classical political economy in the latter country was not reproduced in Germany, where these were held at arm’s length by the influence of Idealism and, in the closing decades of the nineteenth century, by the growing impact of Marxism. In Britain, J. S. Mill’s System of Logic (1843) unified the natural and social sciences in a framework that fitted comfortably within existing traditions in that country. Mill was Comte’s most distinguished British disciple, if sharply critical of some of his excesses. 

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