Schumpeterian arguments of “creative destruction” predict that innovation is countercyclical. However, empirical … findings demonstrate the contrary. We apply corporate finance principles to macro- and innovation economics and propose a … “hurdle-rate theory of inventive procyclicality”. High-ERP periods stifle innovation because many R&D projects do not pass …

The purpose of this paper is to introduce a series of articles on the linksbetween innovation, the evolution of … Innovation, Industry Evolution and Employment published by CambridgeUniversity Press in 1999. The continued rising unemployment … the former, while the continental Europeans have chosen thelatter. The purpose the thirteen articles of Innovation …