what is joseph schumpeter s innovation theory of profit 
schumpeter believed that the was to introduce successful well innovations the innovation theory of profit claims that the main function of an entrepreneur is to introduce well innovations which schumpeter defined as any new policy that reduces the overall cost of production or increases the demand for products any profit an entrepreneur receives from these efforts is a form of reward for their performance creating innovations was the first step on the path to success and economic profits for entrepreneurs 3