That is, the prospect of more future research discourages current research by threatening to destroy the rents created by current research. One source of this intertemporal relationship is creative destruction.
Equilibrium is determined by a forward-looking difference equation, according to which the amount of research in any period depends upon the expected amount of research next period. A model of endogenous growth is developed in which vertical innovations, generated by a competitive research sector, constitute the underlying source of growth.
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Many traditional business models are driven out of the market processes by new technology, new forms of production, new marketing and new business models. What are creative destruction and disruptive innovation? Creative destruction is the overall process of change and adaptation of actual industries to novelties.
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