Mark II was developed when Schumpeter was a professor at Harvard. Many social economists and popular authors of the day argued that the net effect of the existence of large businesses was negative on the standard of living for the average person of the day. Contrary to this prevailing opinion, he asserted that the agents that drive innovation and the economy are large companies which have the resources and capital to invest in research and development to create new products and services and to deliver them to individuals less expensively—thus raising their standard of living. In one of his seminal works, "Capitalism, Socialism and Democracy", Schumpeter wrote: