Innovation and the future

A belief that consumption changes the consumer suggests that there will always be opportunities for the entrepreneur. Joseph Schumpeter (1942) put it this way:

" . . . wants automatically expand and new wants emerge or are created, satiety becomes a flying goal, particularly if we include leisure among comsumers goods." (p. 131)

Satiety becomes a flying goal. I tend to agree with that and I think most people would. But, at the same time, the fact that capitalism's successes cause people to rationalize life, there is a tendency to avoid entrepreneurial pursuits and stick with the familiar. This tendency is particularly true when couples (or individuals) do not have any children. For Schumpeter, children (i.e. "establishing a transgenerational dynasty" [1934]) were a key driving force for the entreprenuer.

So we could have a situation where we have plenty of new "wants," but fewer entrepreneurs around creating new businesses to satisfy these wants.

There is an interesting broadcast from the BBC on how schools are trying to "teach entrepreneurship" at an earlier age in the United Kingdom. This is quite an interesting broadcast/podcast. Real Player is required to listen.