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Author: Harry Bloch Publisher: Routledge ISBN: 1317531868 Category : Business & Economics Languages : en Pages : 249
Book Description
Joseph Alois Schumpeter has long been recognised as one of the great economists of the 20th Century, and his truly revolutionary approach to economic development continues to gain appreciation. This is particularly due to the emphasis he places on innovation and creative destruction as drivers of economic development. Yet, aspects of his theory remain neglected and poorly understood, especially his treatment of prices and price dynamics. This book provides a comprehensive and critical examination of Schumpeter’s price theory as well as providing suggestions for the further development of the theory. While Schumpeter’s theories of economic development, entrepreneurship and the business cycle have received substantial attention in the literature, his price theory has been neglected. Yet, he proposes a price theory that is as radical as his treatment of other topics. The holistic nature of his theory also naturally means that a better understanding of his price theory will provide extra insight into other aspects of his theoretical framework. This volume is of great interest to those who study Schumpeter’s work, as well as those who have an interest in history of economic thought, economic theory and philosophy and political economy.
Author: Harry Bloch Publisher: Routledge ISBN: 1317531868 Category : Business & Economics Languages : en Pages : 249
Book Description
Joseph Alois Schumpeter has long been recognised as one of the great economists of the 20th Century, and his truly revolutionary approach to economic development continues to gain appreciation. This is particularly due to the emphasis he places on innovation and creative destruction as drivers of economic development. Yet, aspects of his theory remain neglected and poorly understood, especially his treatment of prices and price dynamics. This book provides a comprehensive and critical examination of Schumpeter’s price theory as well as providing suggestions for the further development of the theory. While Schumpeter’s theories of economic development, entrepreneurship and the business cycle have received substantial attention in the literature, his price theory has been neglected. Yet, he proposes a price theory that is as radical as his treatment of other topics. The holistic nature of his theory also naturally means that a better understanding of his price theory will provide extra insight into other aspects of his theoretical framework. This volume is of great interest to those who study Schumpeter’s work, as well as those who have an interest in history of economic thought, economic theory and philosophy and political economy.
Author: Esben S. Andersen Publisher: Palgrave Macmillan ISBN: 9781403996275 Category : Political Science Languages : en Pages : 272
Book Description
This book examines Schumpeter's dramatic theory of social and economic evolution as the pivot of his life and work, resolving apparent paradoxes and clarifying Schumpeter's challenges to economists and other social scientists.
Author: Joseph A. Schumpeter Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Explores the relation between a socialist view of society and the democratic method of government; argues that socialism is probably inevitable, for political rather than economic reasons. The book developes five principal themes, presented in five parts. Part I, "The Marxian Doctrine," attests to Schumpeter's belief in the importance of Karl Marx's thought, and discusses Marx in the roles of prophet, sociologist, economist, and teacher. His strength lay in synthesis of history, economics, and politics into a vision and system (which Schumpeter admires) that that can be used for solving problems and contributing to knowledge and insight; the value of Marx's theories and conclusions are found wanting. Part II "Can Capitalism Survive?" shows that a socialist form of society will inevitably emerge from the inevitable decomposition of capitalist society. Essential to capitalism is the process of "creative destruction," which constantly revolutionizes the system from within; this revolutionary transformation of capitalism, which spells its doom, results from its success--not, as Marx argued, from its failure. In Schumpeter's view of capitalism, monopolistic policies promote stability and increase efficiency; unemployment and business cycles accompany economic growth; and without political interference, output would increase and standard of living increase. The entrepreneurial function, which revolutionizes production by exploiting innovation, becomes routine and obsolete due to technical development and rise of big firms; the entrepreneur becomes a bureaucrat. Without innovating enterprise, profit will vanish or become unimportant. Capitalism's success undermines the social conditions that protect it. Capitalism will not survive because public opinion will not support it: the bourgeoisie is not equipped for politics; corporate evolution and decline of the family have reduced the bourgeois sense of property and incentives; destruction of monarchy and aristocracy have deprived the bourgeois of its protectors; and disenchanted intellectuals inflame discontent with free enterprise. Establishment of socialism can be expected. Part III, "Can Socialism Work?" answers, "Of course it can." Socialism for Schumpeter is centralized control over the means of production. Necessary for the success of socialism is reaching the requisite stage of industrial development and resolution of transitional problems. The assessment of a socialist society should be based less on economic efficiency than on the quality of the bureaucratic apparatus operating the system. Socialism may likely be as successful in satisfying consumers, promoting economic progress, and enforcing discipline and efficiency. Part IV, "Socialism and Democracy" argues one can have autocratic, theocratic, or democratic socialism. Socialism's economic problem should only be discussed referring to the given state of the social environment and historical situation. Schumpeter alternatively defines democracy as people's selection of a government. Socialism may be democratic if certain conditions are met: politics must be culturally valued, range of political decisions must be fairly narrow, a well-trained bureaucracy exists, and the public exercises democratic self control. Part V, "Historical Sketch of Socialist Parties" analyzes the history of the most important socialist parties in England, Sweden, U.S., France, Germany, and Austria, emphasizing how they tried to live within the structure of a Marxist system and to remain alive and grow politically. Socialism, though, is likely to present fascist features. (TNM).
Author: Thomas K. McCraw Publisher: Harvard University Press ISBN: 0674736966 Category : Biography & Autobiography Languages : en Pages : 734
Book Description
Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses.
Author: Harry Bloch Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change that induces business cycles. Schumpeter argues that with development prices are generally in motion. Schumpeter's theory of the business cycle has been heavily criticised. Specific criticisms relating to his price theory include its characterisation of prices stabilising near the Walrasian competitive equilibrium for a stationary economy and its prediction of a downward trend in prices over the longest cycles. This paper reviews Schumpeter's theory and the critiques before suggesting a way forward to a revised theory of prices in motion.
Author: Joseph A. Schumpeter Publisher: Routledge ISBN: 1351478923 Category : Business & Economics Languages : en Pages : 410
Book Description
Joseph A. Schumpeter was a monumental figure in the history and development of economics. This work brings together his brilliant lectures, delivered more than a century ago, in its first English-language paperback edition. Here, readers will discover Schumpeter's search for an economic science devoid of moral or political dogma. The Nature and Essence of Economic Theory works out what people should think of pure economics, what its nature is, what its methods and findings are, and where thought takes off from there. The book shows the limitations and weaknesses of nineteenth-century economics and how the field could be and was improved by establishing a fundamental differentiation between 'statistics' and 'dynamics'. To convey his arguments, Schumpeter uses certain axioms that form a consistent, self-contained system and show how sound economic science is based on facts and events rather than presuppositions or definitions. Schumpeter's larger aim, beyond a pedagogic tool, was to deduce changes in the market, trade, and exchange of goods and services. He defined the task of economy as the description of the system and its change tendencies. If that can be achieved unequivocally, without resorting to doctrine or dogma, then the field can be considered self-contained.
Author: Joseph A. Schumpeter Publisher: Routledge ISBN: 1000385892 Category : Business & Economics Languages : en Pages : 206
Book Description
Joseph Schumpeter (1883–1950) is one of the most fascinating and influential economists of the twentieth century, renowned for his brilliant and unorthodox insights into the nature of capitalism. His students include leading economists such as Paul Samuelson, Robert Solow and the former chairman of the Federal Reserve, Alan Greenspan. 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? Turning prevailing economic theory, which approached economics as equilibrium, on its head, Schumpeter argues it is because economics is constantly transformed by its own internal forces. These forces are the 'circular flow' of economic life; economic development, characterised by disruption and innovation; and finally, the levers that push and pull capitalism including credit, profit and interest. These are all manifested in the ‘business cycle’, one of Schumpeter's major contributions to understanding economics and now a perennial feature of virtually all economics and business curricula. He is also the first economist to place the entrepreneur at the heart of capitalism, anticipating subsequent fascination with entrepreneurship in popular business and management writing. Schumpeter also lays the groundwork for his subsequent, highly influential idea of the 'creative destruction' characteristic of radical and rapid economic change. The Theory of Economic Development remains a vital, magisterial account of economics and the nature of capitalism whose many insights remain highly relevant today. This Routledge Classics edition includes a new Introduction by Richard Swedberg.
Author: Yasuma Takata Publisher: Springer ISBN: 1349149543 Category : Business & Economics Languages : en Pages : 229
Book Description
This volume examines central questions about the nature of economic theory, its historical development and its explanatory power. What determines economic distribution - can pure economic theory itself explain the fundamentals of distribution or is a broader economics incorporating theories of power in society necessary? The book presents the debate through classic statements of each position from two leading economists of the century, Joseph A. Schumpeter and Yasuma Takata. A substantive introduction from Michio Morishima assesses and places in context the work of both Schumpeter and Takata.
Author: Joseph A. Schumpeter Publisher: ISBN: Category : Languages : en Pages : 0
Book Description
Schumpeter first reviews the basic economic concepts that describe the recurring economic processes of a commercially organized state in which private property, division of labor, and free competition prevail. These constitute what Schumpeter calls "the circular flow of economic life," such as consumption, factors and means of production, labor, value, prices, cost, exchange, money as a circulating medium, and exchange value of money. The principal focus of the book is advancing the idea that change (economic development) is the key to explaining the features of a modern economy. Schumpeter emphasizes that his work deals with economic dynamics or economic development, not with theories of equilibrium or "circular flow" of a static economy, which have formed the basis of traditional economics. Interest, profit, productive interest, and business fluctuations, capital, credit, and entrepreneurs can better be explained by reference to processes of development. A static economy would know no productive interest, which has its source in the profits that arise from the process of development (successful execution of new combinations). The principal changes in a dynamic economy are due to technical innovations in the production process. Schumpeter elaborates on the role of credit in economic development; credit expansion affects the distribution of income and capital formation. Bank credit detaches productive resources from their place in circular flow to new productive combinations and innovations. Capitalism inherently depends upon economic progress, development, innovation, and expansive activity, which would be suppressed by inflexible monetary policy. The essence of development consists in the introduction of innovations into the system of production. This period of incorporation or adsorption is a period of readjustment, which is the essence of depression. Both profits of booms and losses from depression are part of the process of development. There is a distinction between the processes of creating a new productive apparatus and the process of merely operating it once it is created. Development is effected by the entrepreneur, who guides the diversion of the factors of production into new combinations for better use; by recasting the productive process, including the introduction of new machinery, and producing products at less expense, the entrepreneur creates a surplus, which he claims as profit. The entrepreneur requires capital, which is found in the money market, and for which the entrepreneur pays interest. The entrepreneur creates a model for others to follow, and the appearance of numerous new entrepreneurs causes depressions as the system struggles to achieve a new equilibrium. The entrepreneurial profit then vanishes in the vortex of competition; the stage is set for new combinations. Risk is not part of the entrepreneurial function; risk falls on the provider of capital. (TNM).
Author: Harry Bloch
Author: Harry Bloch
Author: Esben S. Andersen
Author: Joseph A. Schumpeter
Author: Thomas K. McCraw
Author: Harry Bloch
Author: Joseph A. Schumpeter
Author: Joseph A. Schumpeter
Author: Harry Townsend
Author: Yasuma Takata
Author: Joseph A. Schumpeter