The Schumpeterian vision of competition in industries (the Austrian school of economics) emphasizes innovation and entrepreneurship

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The Schumpeterian vision of competition in industries, also known as the Austrian school of economics, places a strong emphasis on innovation and entrepreneurship as key drivers of economic growth and development. Joseph Schumpeter, the founder of this school of thought, argued that entrepreneurs who introduce new products or production methods disrupt established markets and create new opportunities for growth, leading to greater economic prosperity. Thus, innovation and entrepreneurship are seen as crucial for generating long-term economic growth and social progress.

The Schumpeterian Vision of Competition in Industries (The Austrian School