Question

Schumpeter (1934) made an early characterization of innovation as any of five phenomena: 1. The introduction of a new good 2. The introduction of a new method of production 3. The opening of a new market 4. Access to (‘conquest of') new sources of raw materials or components 5. The introduction of new forms of organization Do you agree with his characterization? Justify your answer.

Answer 1

Yes I agree

Step-by-step explanation:

I do agree with the early characterization of innovation for the following reasons. They are :

-- The meaning of innovation means that its a new idea, a new method or a new product. It deals with the newness of any thing. Now for the characterization of innovation by Schumpeter, it suggests that it deals with the newness of any item or market or any product. Some of the people may argue that a market place is not a new concept, it existed from before and the marketers do identify the market. So it is a innovation and not a discovery.

Thus innovations is also about identification and exploring the unexplored areas.Innovation is a vast word and have a vague meaning. Schumpeter characterized suggests that innovation covers a wide area.