The "mind set" of Schumpeterian economics, that is, empirical studies of dynamic competition and contemporary changes in national economic systems, is the principal topic of this collection of essays by an international cast of scholars. There are some who believe that the age of Schumpeter has now replaced the age of Keynes.

Schumpeter was interested in dynamic economics rather than the economics of stagnation; in the economics of the creation of wealth rather than the economics of the redistribution of wealth; in the economics of technological innovation rather than the economics of industrial management. The major thrust of the volume, then, concerns studies of industrial change with emphasis both on analysis of the impact of innovation and on the interrelatedness of industries viewed through the process of innovation.

The essays maintain the standard of originality and rigor of analysis for which the earlier volumes from the Schumpeter Society have come to be known.