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Schumpeter claimed that neoclassical economic theory could not fulfill its task of analyzing the laws of the economic production and distribution process without one precisely defined concept of action, that of rational individual action.
This paper provides a multifaceted review and analysis of Schumpeter’s Theory of Economic Development and specifically the creative destruction effect intertwined with the business cycles,...
- Farrokh Emami Langroodi
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
- Conclusion
- References
- Endnotes
Robert Solow (1994: 45) made a remarkable statement: "Schumpeter is a kind of patron saint in this field. Perhaps I am the only one who thinks he should be treated like a patron saint: paraded one day a year and more or less ignored the rest of the time." Our contribution shows that Schumpeter, although ritually paraded in the literature, has in fa...
Aghion, P, U Akcigit and P Howitt (2015), “Lessons from schumpeterian growth theory”, American Economic Review105(5): 94-99. Aghion, P and P Howitt (1990), “A model of growth through creative destruction”, NBER Working Paper 3223. Beck, T, R Döttling, T Lambert and M A Van Dijk (2021), “Liquidity creation, investment, and growth”, SSRN Working Pape...
1 Many authors use the term ‘savings’ as a synonym for ‘saving’. This is problematic as ‘savings’, in contrast to saving, is a term that is not used in official national account or financial account statistics. In addition, while saving is a flow concept, ‘savings’ creates the impression of a stock concept which must lead to confusion. 2 Schumpeter...
As Paul Sweezy once suggested, the essay Social Classes can be looked upon as representing Schumpeter's theory of the origins of capitalism; Theory of Economic Development and Business Cycles; the theory of development; and Capitalism, Socialism and Democracy, the theory of decline.'
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Jul 16, 2023 · Entrepreneurship and Innovation: Schumpeter emphasized the role of entrepreneurship in driving economic development and innovation. He argued that entrepreneurs, through their ability to innovate and introduce new products, processes, and business models, are the primary agents of economic progress.
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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).
