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  • The paper discusses the problem of innovations and profits from a Schumpeterian perspective using the analytical tools of modern classical economics. The concept of “circular flow” is formalised and Schumpeter's zero-profits assumption investigated. Next a typology of process innovations is discussed using a simple two-sector framework. In Schumpeter profits are transitional phenomena. In the conditions contemplated, increases in labor productivity will lead to rising real wages. The argument is generalized to product-cum-process innovations in systems with joint production where a bad that is costly to dispose of is transformed into a good that can be marketed profitably. (xsd:string)
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?:dateModified
  • 2008 (xsd:gyear)
?:datePublished
  • 2008 (xsd:gyear)
?:doi
  • 10.1016/j.jebo.2007.08.003 ()
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  • true (xsd:boolean)
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  • en (xsd:string)
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?:issueNumber
  • 1 (xsd:string)
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  • Innovations and Profits Schumpeter and the Classical Heritage (xsd:string)
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  • Zeitschriftenartikel (xsd:string)
  • journal_article (en)
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  • GESIS-SSOAR (xsd:string)
  • In: Journal of Economic Behavior & Organization, 67, 2008, 1, 263-278 (xsd:string)
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?:urn
  • urn:nbn:de:0168-ssoar-253833 ()
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  • 67 (xsd:string)