Emphasizing the dynamics in economies and industries, Schumpeter points to entrepreneurs carrying out ‘new combinations’. His work, and in particular the Theory of Economic Development, is often interpreted as praising individual entrepreneurs setting up new firms to contribute to an...

An assumption generally subscribed to in evolutionary economics is that new technological paradigms arise from advances is science and developments in technological knowledge. Further, demand only influences the selection among competing paradigms, and the course of the paradigm after its...