Abstract
This chapter analyses the role and place of Schumpeter’s innovations in the categorial system of the economic theory; it is substantiated of its importance in order to recognize the subject of Political Economy as the doctrine on the Wealth of Nations. It is shown that over time the country’s absolute economic wealth was lost as the main subject in Economics. The chapter shows that phenomenon of innovation did not acquire the status of a key scientific category in the formation of new theories and remained as the visible invisible factor of development. The technological innovations not only changed the course of economic history; they also have been changing mainstream economic theories.
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Bazhal, I. (2017). “Vicious Cycle” of Political Economy Without “Innovations”. In: The Political Economy of Innovation Development. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-54852-4_4
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