Furthermore, I recently found a study conducted by Amit Seru, a professor of finance at Stanford Graduate School of Business; Leonid Kogan from Massachusetts Institute of Technology; Dimitris Papanikolaou from Northwestern University; and Noah Stoffman from Indiana University. This study  was inspired by my theory of creative destruction, confirming that the rate of innovation is a disruptive force between competitors and that periods of rapid technological innovation lead to an increase in overall productivity and economic growth. Seru and his colleagues achieved their findings by measuring the economic impact of millions of patents that companies have received from 1926 to 2011. They looked at almost 1.8 million patents that were given to publicly traded companies from 1926 and 2011.

The researchers examined the situation of companies that were quicker or slower to get patents. Interestingly, they discovered that there was a strong correlation between the pace of receiving a patent and a company’s future growth and competitive edge. Companies in the top 10% on innovation (companies who received patents quicker), experienced annual growth rates during the next five years that were 1 to 3 percentage points faster than those of companies with only a median pace of innovation. On the other hand, companies that where behind their industry's innovative pace experienced annual growth over the next five years slow by as much as 2.5 percentage points.

To prove that innovation increases the overall size of the economy, Seru and his colleagues used their data on patents to create an “innovation index” and then looked at how the index tracked with increases in overall economic growth and productivity. They found that a significant increase in overall innovative output correlated to an increase in annual economic output between 0.6 and 6.5 percentage points.

Overall, I am very pleased to see my influence of the today’s society.