Quotes About Innovation

Economic growth and technological change are accompanied by what the great economist Joseph Schumpeter called creative destruction.

There could be some economic growth without innovation, relying on existing technology, but it was growth without creative destruction. And it did not last.

Technological change is only one of the engines of prosperity, but it is perhaps the most critical one.

Inclusive economic institutions led to the development of inclusive markets, inducing a more efficient allocation of resources, greater encouragement to acquire education and skills, and further innovations in technology.

las economías basadas en la represión del trabajo y los sistemas como la esclavitud y la servidumbre carecen claramente de innovación. Esto es así desde el mundo antiguo hasta la era moderna

Underachievement was always the best way to meet targets and get the bonus. The fact that bonuses were paid monthly also kept everyone focused on the present, while innovation is about making sacrifices today in order to have more tomorrow. Even

The English textile industry not only was the driving force behind the Industrial Revolution but also revolutionized the world economy.

Los países fracasan hoy en día porque sus instituciones económicas extractivas no crean los incentivos necesarios para que la gente ahorre, invierta e innove.

English exports, led by cotton textiles, doubled between 1780 and 1800. It was the growth in this sector that pulled ahead the whole economy. The combination of technological and organizational innovation provides the model for economic progress that transformed the economies of the world that became rich.

But selling patents was a good idea only for someone like Edison, who had ideas faster than he could put them to practice. (He had a world-record 1,093 patents issued to him in the United States and 1,500 worldwide.)

El temor a la destrucción creativa es la razón principal por la que no hubo un aumento sostenido del nivel de vida entre la revolución neolítica y la revolución industrial

As we will see many times in this book, economies based on the repression of labor and systems such as slavery and serfdom are notoriously noninnovative. This is true from the ancient world to the modern era.

Both feared that the mechanization of stocking production would be politically destabilizing. It would throw people out of work, create unemployment and political instability, and threaten royal power. The stocking frame was an innovation that promised huge productivity increases, but it also promised creative destruction. T

Because elites dominating extractive institutions fear creative destruction, they will resist it, and any growth that germinates under extractive institutions will be ultimately short lived.

stimulating sustained economic growth required that individuals use their talent and ideas, and this could never be done with a Soviet-style economic system.

In fact, it is known that a major technological innovation, the introduction of the steel axe among the group of Australian Aboriginal peoples known as Yir Yoront, led not to more intense production but to more sleeping, because it allowed subsistence requirements to be met more easily, with little incentive to work for more.

In fact, a thousand years of history and contemporary evidence make one thing abundantly clear: there is nothing automatic about new technologies bringing widespread prosperity. Whether they do or not is an economic, social, and political choice.

even if industry itself was very inefficiently organized relative to what could have been achieved. In fact, between 1928 and 1960 national income grew at 6 percent a year, probably the most rapid spurt of economic growth in history up until then.

in which the Soviets did manage to sustain some innovation was through enormous efforts in military and aerospace technology. As a result they managed to put the first dog, Leika, and the first man, Yuri Gagarin, in space. They also left the world the AK-47 as one of their legacies.

selling patents was a good idea only for someone like Edison, who had ideas faster than he could put them to practice. (He had a world-record 1,093 patents issued to him in the United States and 1,500 worldwide.)

Fear of creative destruction is often at the root of the opposition to inclusive economic and political institutions.

Many, such as the Ottoman Empire, China, and other absolutist regimes, lagged behind as they blocked or at the very least did nothing to encourage the spread of industry. Political and economic institutions shaped the response to technological innovation, creating once again the familiar pattern of interaction between existing institutions and critical junctures leading to divergence in institutions and economic outcomes. The

El crecimiento económico y el cambio tecnológico están acompañados por lo que el gran economista Joseph Schumpeter denominó «destrucción creativa

In the case of China, the growth process based on catch-up, import of foreign technology, and export of low-end manufacturing products is likely to continue for a while.