Fostering Sustainable Innovation through Creative Destruction Theory

The current information age is modelled on the advancement of innovative mindset of creative thinkers, championed through means associated with transformative technologies embodied on events like, high speed internet and payment system, thereby making it possible for transactions to be dealt with almost instantaneously. Such developments are essentially vital, given its prospect for championing growth rate and dynamism in the world economy and also, the need to ensure living conditions are adequately satisfied, particularly in the direction of the Sustainable Development Goals (SDG) earmarked for full implementation in the year 2030. The concept of innovation is widely used in all walks of life - the effort of Schumpeter’s paradoxical term, “creative destruction” became highly prominent in the 1950s, which many economists in recent time have endeavoured to linked with free market economics (Cozzi and Galli, 2019; Benigno and Fornaro, 2018). Creative destruction as proposed by Schumpeter, and also explained by Alm and Cox (Online) is essentially facts about capitalism, which is thought to be a shorthand description of free market’s messy way of delivering progress

Innovation and growth in the UK pharmaceuticals: the case of product and marketing introductions

New drug introductions are key to growth for pharmaceutical firms. However, not all innovations are the same and they may have differential effects that vary by firm size. We use quarterly sales data on UK pharmaceuticals in a dynamic panel model to estimate the impact of product (new drugs) and marketing (additional pack varieties) innovations within a therapeutic class on a firm’s business unit growth. We find that product innovations lead to substantial growth in both the short and long run, whereas a new pack variety only produces short-term effects. The strategies are substitutes but the marginal effects are larger for product innovations relative to additional packs, and the effects are larger for smaller business units. Nonetheless, pack introductions offer a viable short-term growth strategy, especially for small- and medium-sized businesses

International Migration in the Atlantic Economy, 1850-1940

This chapter focuses on the economic analysis of what has been called the age of mass migration, 1850 to 1913, and its aftermath up to 1940. This has captured the interest of generations of economic historians and is still a highly active area of research. Here we concentrate on migration from Europe to the New World as this is where the bulk of the literature lies. We provide an overview of this literature focusing on key topics: the determinants of migration, the development of immigration policy, immigrant selection and assimilation, and the economic effects of mass migration as well as its legacy through to the present day. We explain how what were once orthodoxies have been revisited and revised, and how changes in our understanding have been influenced by advances in methodology, which in turn have been made possible by the availability of new and more comprehensive data. Despite these advances some issues remain contested or unresolved and, true to cliometric tradition, we conclude by calling for more research