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...

We develop a dynamic model of the innovative firms that invest in monetization, which represents the process of generating revenues from services provided to customers at no charge. The model reflects the challenges faced by firms that operate via the Internet, whose dynamics are shaped by the...

We develop a dynamic model for digital service firms, which invest in monetization to generate revenues from services provided to customers for free. Our model captures and explains why such firms often build a large customer base and become highly valued while continuing to suffer...

Wray asserts that rigorous analyses of the role played by innovation in economic development must acknowledge the contribution of Joseph Schumpeter. However, the author suggests that the current stagnation confronting most developed, capitalist economies "cannot be understood without...