Prophet of innovation. Thomas K. McCraw.
P.163
“Overall, industry-specific innovation “does not follow, but creates expansion.” None of this, Schumpeter adds, can be explained in the usual economist’s terms of equilibrium. Instead, innovation requires continuous disequilibrium –led by entrepreneurs obsessed with what they are doing. Innovation itself is primarily “a feat not of intellect”, but of will… a special case of the social phenomenon of leadership.” The barriers to innovation consist of “the resistances and uncertainties incident to doing what has not been done before.” These difficulties are often immense, and to surmount them “is the function characteristic of the entrepreneur.”
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