entrepreneurs consider at each instant of time both innovation and rent-seeking as alternative sources of profit. The consequences …-seekers and the only difference is to be found in their attitude towards innovation as a source of profit. In this sense … decisions measured in units of innovation are then aggregated to calculate the innovation quantity for a given population based …

We examine the conceptualization of entrepreneurs in neo-Schumpeterian growth theory, which has reintroduced …. The results show that the literature leans towards Schumpeter (1942); innovation returns are modeled as following an ex … ante known probability distribution. By assuming that the outcomes of innovation activities are (probabilistically …