An analysis of Joseph Schumpeter's life, concept of innovation, and application for Estonia

Abstract

This research studies a basic concept of Schumpeterian Theory by exploring the life of Joseph Schumpeter and the application for Estonia. The secondary data were taken from World Values Survey (WVS); a worldwide group of researchers observing global values and their effect on society as a whole with headquarters in Sweden. Author took the most recent data of WVS in wave six (year 2010-2014) with the total of 74,042 cases for analysis. An analysis was performed by multiple regressions and no multicollinearity problems were detected. The results show that the nature of tasks (both manual vs. intellectual and routine vs. creative) affects the importance of employees being creative. Further analysis was performed by an independent pair sample T-test and the result shows that there are differences in the nature of tasks (both manual vs. intellectual and routine vs. creative) of Estonian and global employees. Subsequently, the final analysis was performed to explore the difference in the nature of tasks in intellectual and creative Estonian and global employees. However, there is no difference in this aspect between them