Antonelli, Cristiano; Scellato, Giuseppe - In: Economics of Innovation and New Technology 20 (2011) 5, pp. 405-421
Innovation is the result of intentional decision-making that takes place in out-of-equilibrium conditions. Profitability is a reliable indicator of equilibrium conditions, far better than competition, as it integrates the effects of out-of-equilibrium conditions in both product and factor...