Schumpeter, the 70s & economic growth- Part 1

There is a theory I would like to advance. We often hear news pundits discuss the arguments  made between the economic of John Maynard Keynes and Freidrich Hayek. Government spending vs. Laisse Faire capitalism. Both sides claim that theirs is the explanation & solution for our current state.
I have a different view... I think the last fifty years  can be defined by the work of the Economist Joseph Schumpeter. Indeed, maybe the last hundred years, since the time of Marconi, Edison & Tesla..

My prime example would be the economic turn around of the 1970s.. We suffered massive unemployment, business shut downs, a world wide gas shortage (or embargo, if you consider O.P.E.C.s involvement) recession and "stagflation".. By the end of the decade, all this would be resolved..

Why? The dramatic amount of innovations that the decade had brought. My first example would be Bic. They didn't invent the ball point. They made a quality version that was cheaper. They didn't invent the butane cigarette lighter. They just made a disposable one priced less than a dollar. Felt markers had been around for a time. Bic gave it a finer point, called it the Flair tip. A shaving razor you could buy in any convenience store or pharmacy, and throw away when you were done. That changed travel toiletries at a time when travel was increasingly available for the middle class.

What made Bic an innovator wasn't creating new products, but by giving the world better quality products for a lower price. This helped drive the wave of consumerism better than govt. spending or tax relief. There are many examples of this happening during the same era, and I hope to show a few...