Are There Schumpeterian Waves of Innovations?
Joseph A. Schumpeter's hypothesis that radical innovations come about in bunches has caused considerable controversy. The author's reexamination of the empirical evidence suggests that there is indeed poor evidence of macroeconomic innovation waves before the mid-nineteenth century. Thereafter, however, two long waves of major innovations occur. A t-test confirms that these waves can be distinguished from random fluctuations. Some implications of the findings on long wave theories, and in particular on demand and profit rate analysis, are sketched. Copyright 1990 by Oxford University Press.
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Volume (Year): 14 (1990)
Issue (Month): 1 (March)
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