목차
Key Takeaways 1
Introduction 3
Static vs Dynamic Competition 4
Static Models and Static Competition 5
Dynamic Models and Dynamic Competition 5
Hayek’s Model of Dynamic Competition 7
Competition as a Discovery Procedure 7
Changing Market Structure Is Part of the Discovery Process 8
Entrepreneurs Navigate Disequilibrium 8
Schumpeterian Competition 9
Innovation Competition and Creative Destruction 9
Market Structure and Incentives to Innovate 10
Schumpeter’s Heroic Spirit of Entrepreneurship 10
Comparative Analysis 11
Innovation and Price as Different Dimensions of Competition 11
The Irrelevance of Perfect Competition Model for Understanding Capitalist Performance 12
Comparison of the Role of the Entrepreneur 12
Summary and Implications 13
Competition Is a Dynamic Process 13
The Process Is Defined by Innovation 14
Larger Firms Are Part of a Vibrant Innovation Ecosystem 14
The Entrepreneurial Spirit and Creativity Are Central to the Process of Competition 15
Conclusion 15
Endnotes 16
