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Iran Map on In either case, the extra profits that arise from this competitive advantage are the incentive that makes the firm perform R&D in the first place. The larger the profits associated with 418 information revolution having invented something, the more the firm is willing to spend in the effort to invent it. The process by which new inventions create profits for firms, by which these profits serve as the incentive to engage in research in the first place, and by which eventually the new technologies so created are replaced by yet newer technologies, was given the name creative destruction by the economist Joseph SCHUMPETER. Although we often celebrate the new technologies, such a perspective ignores the dislocations suffered by those firms and workers who are displaced by new technologies. History is full of examples of technologies (and people) that have been displaced by technological progress. Many recent models of economic growth emphasize the key role that R&D plays in the production of information and economic development. For example P. Iran Map 2016.

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