Question

A complement to this process requires firms to “fine-tune,” “acquire,” and “integrate,” per Anna Bergek’s analysis of Keith Pavitt’s coinage. This process is the title inspiration for a paper whose model was extended by the Akcigit–Kerr (“ahk-CHEET curr”) and Klette–Kortum models to account for internal and external forces. This process partly titles a landmark 1992 paper that, in contrast to Romer, combines the impact of both the “knowledge spillover effect” and negative externalities. Endogenous stochastic growth was modeled “through” this process in a paper by Aghion and Howitt. This (15[1])process is described as an (*) “essential fact (10[1])about capitalism” that “revolutionizes the economic structure from within,” and compared to a “gale” (10[2])in the book Capitalism, (10[1]-5[1])Socialism (10[2])and Democracy. (10[1])For 10 points, name this (10[1])process (10[2])described (10[1])by Joseph Schumpeter (10[1])in which new innovations (10[1])render old ones (10[1])obsolete. ■END■

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Summary