Editing Joseph Schumpeter (section)

===Entrepreneurship===
The field of entrepreneurship theory owed much to Schumpeter's contributions. His fundamental theories are often referred to<ref name="Fontana">{{cite journal |last1=Fontana |first1=Roberto |first2=Alessandro |last2=Nuvolari |first3=Hiroshi |last3=Shimitzu |first4=Andrea |last4=Vezzulli |year=2012 |title=Schumpeterian patterns of innovation and the sources of breakthrough inventions: Evidence from a Data-Set of R&D Awards |url= https://pascal.iseg.utl.pt/~depeco/wp/wp242012.pdf |journal=School of Economics and Management, Technical University of Lisbon, Department of Economics |volume=WP 24/2012/DE/UECE Working Papers |issn=0874-4548 |pages=2–37 |access-date=July 24, 2018 |archive-date=October 8, 2018 |archive-url= https://web.archive.org/web/20181008101726/http://pascal.iseg.utl.pt/~depeco/wp/wp242012.pdf |url-status=dead }}</ref> as Mark I and Mark II. In Mark I, Schumpeter argued that the innovation and technological change of a nation come from entrepreneurs or wild spirits. He coined the word ''Unternehmergeist'', German for "entrepreneur-spirit", and asserted that "... the doing of new things or the doing of things that are already being done in a new way"<ref>{{cite journal |last1=Schumpeter |first1=J.A. |year=1947 |title=The Creative Response in Economic History |journal=Journal of Economic History |volume=7 |issue=2 | pages=149–159 |doi=10.1017/s0022050700054279|s2cid=155049567 }}</ref> stemmed directly from the efforts of entrepreneurs.

Schumpeter developed Mark II while a professor at [[Harvard]]. Many social economists and popular authors of the day argued that large businesses had a negative effect on the standard of living of ordinary people. Contrary to this prevailing opinion, Schumpeter argued that the agents that drive innovation and the economy are large companies that have the capital to invest in [[research and development]] of new products and services and to deliver them to customers more cheaply, thus raising their standard of living. In one of his seminal works, ''Capitalism, Socialism and Democracy'', Schumpeter wrote:

{{blockquote|As soon as we go into details and inquire into the individual items in which progress was most conspicuous, the trail leads not to the doors of those firms that work under conditions of comparatively free competition but precisely to the door of the large concerns – which, as in the case of agricultural machinery, also account for much of the progress in the competitive sector – and a shocking suspicion dawns upon us that big business may have had more to do with creating that standard of life than with keeping it down.<ref>{{cite book|last=Schumpeter |first=Joseph |title=Capitalism, Socialism and Democracy |year=1942 |publisher=Harper and Roe Publishers |location=New York |page=82}}
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{{As of | 2017}} Mark I and Mark II arguments are considered complementary.<ref name="Fontana"/>