Their models provided a new foundation for understanding sustained economic growth, showing how innovation must be nurtured by competitive markets and protected by institutions that allow for dynamism and change.
October 13, 2025 at 5:27 PM
Their models provided a new foundation for understanding sustained economic growth, showing how innovation must be nurtured by competitive markets and protected by institutions that allow for dynamism and change.
“When a new and better product enters the market, the companies selling the older products lose out,” the Nobel announcement explained. “The innovation represents something new and is thus creative. However, it is also destructive, as the company whose technology becomes passé is outcompeted.”
October 13, 2025 at 5:27 PM
“When a new and better product enters the market, the companies selling the older products lose out,” the Nobel announcement explained. “The innovation represents something new and is thus creative. However, it is also destructive, as the company whose technology becomes passé is outcompeted.”