Economic business cycles used to last 60yrs, now they last 6mth

Schumpeter in 1927 said the economic business cycle has four phases: brain activity, adoption curve, routine, and crises.

When the cycles lasted 60 years, these phases occurred without people noticing. Now that they last six months, knowing how to work on several “brain activity” phases to create knowledge is fundamental.

The need for innovation is driven by

• an immense shortening of business cycles
• a changing and super-connected (business) world,
• a general ubiquity of technology and information which makes it easier than ever to copy, and
• service dominance.