Joseph Schumpeter

It's difficult to discuss innovation without mentioning Joseph Schumpeter, evolutionary economist. Schumpeter concluded that capitalism would ultimately fail and be replaced by some form of economic socialism -- despite capitalism's huge successes. Schumpeter's conclusion that capitalism would fail was the same as Marx's; however, Schumpeter's arguement differed.

In Capitalism, Socialism and Democracy, published in 1942, Schumpeter goes into great detail as to why capitalism would ultimately fail. There is no doubt about it, some of the "observable tendencies" mentioned by Schumpeter are very apparent today. For example, when people don't have children, they are less inclined to build a "transgenerational dynasty," which was, according to Schumpeter, one of the key motivations for entrepreneurs to do what they do.

So, no kids; no need to worry about their financial future; and, therefore, a reduced desire to innovate. Seems reasonable.