The process of creation of novelty in economic development and entrepreneurship

Document Type : Research Paper



with respect to the process of creation of novelty among economists; that’s why Schumpeter has used the term “impossible” in regard to this unknowable process. This is a right term, since this subject matter can’t be incorporated within the theoretical framework determined by orthodox conceptual rationality. Considering the importance and necessity of the creation of novelty for the process of development, the present article attempts to explain the process of creation of novelty in economic development and entrepreneurship. To this end, first the concept of novelty has been articulated and its necessity in the process of development has been analyzed; then, in order to present an introduction to explaining the process of creation of novelty, Schumpeter’s article “Development”, in which he tries to make an explanation of novelty, has put into discussion. Finally, the primary theoretical necessities regarding the creation of novelty and its impossibility conditions are presented.


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