The Great Economists Joseph Schumpeter2

Volume of a product

The total quantity of goods it produces

China is shifting to the position in the World economy - from … .

Made in China … Designed in China

Tech companies like Huawei spend around 10% of their revenue on R, which is in the same league, as the biggest global innovators.

10% of their revenue on R&D

… . In the USA, the figure is much lower - less than 10%

Around a quarter of Chinese patents are in product design

Huawei’s next strategic move was to make it known not just to industry insiders, but to the 7 billion people around the World.

To make it known not just to industry insiders, but to the 7 billion people around the World

If Huawei succeeds, that would point to ….

Whether China can make that difficult leap from imitator to innovator. And that would help China become a prosperous nation

Schumpeter’s legacy is to show that …. He believed that what was needed, … . With that understanding, we can then assess ….

Capitalism depends on entrepreneurs who in turn require a supportive system … Was an empirical analysis of actual businesses, such as the ones discussed earlier, to understand the innovative activities of entrepreneurs … What propels the engine of economic growth