Innovation and Entrepreneurship

The test of an innovation, after all, lies not its novelty, its scientific content, or its cleverness. It lies in its success in the marketplace.

Since the mid-seventies, such slogans as “the no-growth economy,” the “deindustrialization of America,” and a long-term “Kondratieff stagnation of the economy” have become popular and are invoked as if axioms.