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This article highlights Schumpeterian market-power and creative-destruction effects in a sample of early-twentieth-century U.S. industrial firms; his contention that an efficiently functioning capital market has a positive effect on the rate of innovation is also confirmed.
Joseph Schumpeter is known to American political scientists as the originator of an elite conception of democracy as a political "method," a conception found in his Capitalism, Socialism and Democracy (1942). But I show in this paper that in Schumpeter's study of the development of liberal capitalist
- Schumpeter’s Roots in The Austrian School
- Schumpeter on Entrepreneurship and Dynamic Change
- The Non-Neutrality of Money as A Dynamic Element of Change
- Business Cycles and The Dynamics of Creative Destruction
- Schumpeter’s Fatalism and Sarcasm on The Coming of Socialism
- Schumpeter’s Wistfulness on The Passing of The Liberal Era
- Schumpeter as A Master of The History of Economic Ideas
- Schumpeter Left No “Schumpeterian” School
It was during his student days at the University of Vienna that he came under the intellectual influence of two of the leading members of the Austrian School of Economics, Eugen von Böhm-Bawerk (1851-1914) and Friedrich von Wieser (1851-1926). While already in his university days Schumpeter strayed from these “Austrian” roots, their personal impact...
But it was his 1911 volume, The Theory of Economic Development(English translation, 1934), that established for the rest of his life an international reputation as an original and creative thinker. Using as a starting point the “circular flow” of an economy in general equilibrium – the idea that all supplies and demands for consumer goods and the m...
As a complement to this theory of credit expansion to fund and transform production that carries with it a form of the business cycle, Schumpeter in 1918 published a long essay on “Money and the Social Product” in which he attempts to explain the determination of the value of money. But included in this analysis is an exposition of the inherent “no...
Schumpeter’s constant interest in monetary and business cycle matters was also shown in what he had clearly hoped would be recognized as a “masterwork,” his two-volume Business Cycles: A Theoretical, Historical and Statistical Analysis of the Capitalist Process, which appeared in 1939 (Vol. 1 and Vol. 2). At one level it was supposed to be his alte...
His book, Capitalism, Socialism, and Democracy, is also famous for another element as well: Schumpeter’s deep fatalism and pessimism that capitalism was doomed and socialism (in some form) was inevitable. He was clearly impressed and influenced by Karl Marx as a sociologist analyzing the tendencies and directions of capitalist society. But Schumpet...
In numerous places in his writings Schumpeter explains the classical liberal world before the First World War in words and phrases that clearly show his sadness of its passing and the arrival of variations on the social and economic collectivist themes. For instance, with a wistful nostalgia, Schumpeter explains in, “An Economic Interpretation of O...
Schumpeter also was a master of the history of economic ideas. In 1912, he published Economic Doctrine and Method, which though relatively brief in length (only 200 pages in the 1954 English translation), shows a breadth and depth of reading and insight that might be considered unusual for a young man of 29 years of age. He concisely and clearly su...
Schumpeter always presented himself as an eclectic and a social scientist standing above and outside of the sectarian bickering of “schools of economic thought.” He never fostered or generated a “Schumpeterian” school, as one might speak of a Ricardian “classical” approach or of Keynesian Economics. As such, his writings have been admired, criticiz...
May 16, 2021 · The Theory of Economic Development is one of Schumpeter's most important books and the one that made him famous. He poses a fundamental question: why does economic development proceed cyclically rather than evenly?
- London
- 1st Edition
Oct 23, 2012 · This article sheds light on the impact of Schumpeter’s Theory of Economic Development over the last 100 years, and identifies insights from that work that are less well-known, but that have the potential for informing current developments in evolutionary economics.
- Markus C. Becker, Thorbjørn Knudsen, Richard Swedberg
- 2012
This article gives a centenary appreciation of the contributions to economic thought of Joseph A. Schumpeter, with special focus on his work, The Theory of Economic Development (TED).
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Advances in the contemporary knowledge-based global economy have resulted primarily from entrepreneurship and innovation – exactly as Schumpeter envisioned – and his ideas help explain how a climate of continuous change and potential improvement can create economic opportunity.
