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Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by replacing old, less productive structures with new, more productive ones. Where Schumpeter explained the innovation drive by an exogenous factor called entrepreneurial spirits, neo-Schumpeterian economists refer to endogenous factors such as science and technology policies and corporate strategies of research and development to explain innovation. Neo-Schumpeterian economics is a form of evolutionary economics and closely related to innovation studies.