Schumpeter's variables

Schumpeter's variables refer to the key factors that drive economic innovation and growth. These include technological progress (new inventions and processes), entrepreneurial activity (individuals or groups creating and managing new ideas), and market dynamics (competition and demand). Essentially, they represent the forces that disrupt old ways of doing things, leading to economic development. By understanding these variables, we see how innovation, driven by entrepreneurs and technological change, fuels sustained growth and transformation within an economy.