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Cost Innovation: Schumpeter and Equilibrium. Part 2: Innovation and the Money Supply

Martin Shubik and William D. Sudderth
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William D. Sudderth: University of Minnesota

No 1881, Cowles Foundation Discussion Papers from Cowles Foundation for Research in Economics, Yale University

Abstract: The control structure over money and real assets is considered in the process of cost innovation. The work here contrasts with the first part of this paper where the emphasis was on the physical aspects of innovation. Here the emphasis is primarily on the money supply aspects of innovation. We conclude with observations on evaluation and the locus of control in the process of innovation.

Keywords: Cost innovation; Financial control; Circular flow (search for similar items in EconPapers)
JEL-codes: D24 G32 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ino and nep-knm
Date: 2012-01
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