Introduction
•.Carlsson and Eliasson (2003) pointed out that technology and competence are universally acknowledged to be positively-promoting capital input in the economy, and they would be converted into economic growth by the dynamic mechanism.
•.One main stream of work emphasizes the role of innovation as the engine of the economic progress.
•.Schumpeter paid attention to the “exceptional men” and their “animal spirits” to explain economic change due to the contribution of “entrepreneurs” who keep on innovating to give new businesses a chance to replace old ones. Schumpeter also linked the role of entrepreneurs to explain the business cycle in capitalism by their actions of “perennial gale of creative destruction.”
•.Carlsson and Eliasson (2003) pointed out that technology and competence are universally acknowledged to be positively-promoting capital input in the economy, and they would be converted into economic growth by the dynamic mechanism.
•.One main stream of work emphasizes the role of innovation as the engine of the economic progress.
•.Schumpeter paid attention to the “exceptional men” and their “animal spirits” to explain economic change due to the contribution of “entrepreneurs” who keep on innovating to give new businesses a chance to replace old ones. Schumpeter also linked the role of entrepreneurs to explain the business cycle in capitalism by their actions of “perennial gale of creative destruction.”