... relative to their long-run values. The explanation o¤ered by Miller or Morris relies on the hypothesis that divergence of opinions would narrow over time after the IPO. The logic is that as the …rm ... innovation. The fundamental impulse that sets and keeps the capitalistengine in motion comes from the new consumers’ goods, the new methods of production ortransportation, the new markets, the ... margins of the pro…ts and the outputs of the existing …rms but at their very foundations and their very lives.”Recently, Schumpeter’s vision of capitalism has received revived interest amongeconomic...