Joseph Schumpeter was an outstanding economist that immigrated to the U.S. Many of his works were not mathematical like other economists but he did delve into the economy as a complete economic system. His work has led to new ways of thinking about the economy as a system and offered a greater understanding of creative destruction and entrepreneurship as part of the economic model. He believed that entrepreneurship is an important part of the economic system. These difficult to account for innovations result from companies that have the ability to research important product improvements. Innovative improvements are a force that changes the market and allows some companies to earn higher levels of revenue for a time until their products are copied by others. The innovative process is needed to maintain new products and a market leading position. He outlined his theory in the book Theory of Economic Development (1911) and maintained the fundamentals throughout his life.
The blog discusses current affairs and development of national economic and social health through unique idea generation. Consider the blog a type of thought experiment where ideas are generated to be pondered but should never be considered definitive as a final conclusion. It is just a pathway to understanding and one may equally reject as accept ideas as theoretical dribble. New perspectives, new opportunities, for a new generation. “The price of freedom is eternal vigilance.”—Thomas Jefferson