Abstract
An important aspect of Schumpeter’s (1934) vision of the process of economic development is that early initiators receive a premium for being forerunners. This “extra profit” to innovators has the form of a temporary monopoly, based on specific knowledge that they do not share with their competitors - or only share with a few of them.
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© 1987 Springer-Verlag Berlin Heidelberg
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Johansson, B. (1987). Technological Vintages and Substitution Processes. In: Batten, D., Casti, J.L., Johansson, B. (eds) Economic Evolution and Structural Adjustment. Lecture Notes in Economics and Mathematical Systems, vol 293. Springer, Berlin, Heidelberg. https://doi.org/10.1007/978-3-662-02522-2_7
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DOI: https://doi.org/10.1007/978-3-662-02522-2_7
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