Abstract
The unique relationship between the Schumpeterian entrepreneur and the process of innovation is examined in the first part of this paper. Because innovation is the result of an innate ‘unlearned act of insight’ by this Schumpeterin entrepreneur, contemporary theorists are unable to incorporate such a person into formal analytic theories of innovation and economic development. Nevertheless, it is shown that Schumpeter's perspectives on entrepreneurship remain the major seminal source of creative explanatory frameworks for the process of industrial change. The greater part of this paper provides a commentary on selected contemporary research efforts, at micro- and macroeconomic levels, which appear to strengthen certain weaknesses in Schumpeter's theory of the role of innovation in economic development.
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