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• W2126516400 abstract "Are firms with strong market positions powerful engines of technological progress? Joseph Schumpeter thought so, but his hypothesis has proved difficult to verify empirically. This article highlights Schumpeterian market-power and creative-destruction effects in a sample of early-twentieth-century U.S. industrial firms; his contention that an efficiently functioning capital market has a positive effect on the rate of innovation is also confirmed. Despite market power abuses by incumbents, the extent of innovation stands out: 21 percent of patents assigned to the firms sampled between 1920 and 1928 are cited in patents granted between 1976 and 2002." @default.
• W2126516400 created "2016-06-24" @default.
• W2126516400 creator A5071401759 @default.
• W2126516400 date "2003-12-01" @default.
• W2126516400 modified "2023-10-18" @default.
• W2126516400 title "Why Schumpeter was Right: Innovation, Market Power, and Creative Destruction in 1920s America" @default.
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• W2126516400 doi "https://doi.org/10.1017/s0022050703002523" @default.
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