Schumpeterian Innovations, The Coase Theorem, and Sustainable Development: A Hong Kong Case Study of Bus Innovations

Lawrence W.C. Lai and Frank T. Lorne

A chapter in The Spatial Market Process, 2012, pp 141-178 from Emerald Group Publishing Limited

Abstract: The types of innovation considered to be Schumpeterian can be very broad. What is an innovation? According toThe Advanced Learner's Dictionary(Hornby, Gatenby, & Wakefield, 1973, p. 545), an innovation is “somethingnewthat isintroduced.” This covers both inventions and their introduction. Thus, introducing methods to a new market can certainly be a form of Schumpeterian innovation. Schumpeter, however, distinguishedinnovations(innovators) frominventions(inventors) (Swedberg, 1991, p. 173). He considered innovations as the prime movers in the capitalist process.Johannessen, Olsen, and Lumpkin (2001)dwell on six measures of the “newness” of an innovation based on his interpretation of Schumpeter and others, but glossed over the distinction between innovations and inventions. What, then, was Schumpeter's original formulation?

Date: 2012
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Persistent link: https://EconPapers.repec.org/RePEc:eme:aaeczz:s1529-2134(2012)0000016009

DOI: 10.1108/S1529-2134(2012)0000016009

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