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Comment: Schumpeter, Joseph Alois. Business Cycles: A Theoretical, Historical, And Statistical Analysis of The Capitalist Process. New York, London, McGraw-Hill Book Company, Inc., 1939. [xvi] 1-448; [ix] 449-1095 pp. Oversized octavo. 2 Volumes. Reprint Martino Publishing, 2005. ISBN 1578985560. Cloth. New. * Reprint of the first edition. The author is without doubt one of the most influential economists of the 20th century and this is considered his magnum opus. Schumpeter focused on the historical rol
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Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process. Vol 1-Vol 2: Business Cycles: A Theoretical, ... of the Capitalist Process. 2 Vol. Set Hardcover – 2005

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Product Details

  • Hardcover
  • Publisher: Martino Pub (2005)
  • Language: English
  • ISBN-10: 1578985560
  • ISBN-13: 978-1578985562
  • Product Dimensions: 10 x 6.9 x 2.8 inches
  • Shipping Weight: 4.5 pounds
  • Average Customer Review: 5.0 out of 5 stars  See all reviews (6 customer reviews)
  • Amazon Best Sellers Rank: #1,255,631 in Books (See Top 100 in Books)

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13 of 13 people found the following review helpful By Thomas J. Hickey on December 3, 2005
Format: Paperback
Schumpeter published his own theory of business cycles three years after Keynes' General Theory (1936). In his review of Keynes' book in Journal of the American Statistical Association (1936) Schumpeter described Keynes' "Propensity to Consume" as nothing but a deus ex machina that is valueless if we do not understand the "mechanism" of changing situations in which consumers' expenditures fluctuate. And he adds that Keynes' "Inducement to Invest", his "Multiplier", and his "Liquidity Preference", are all an Olympus of such hypotheses, which should be replaced by concepts drawn from the economic processes that lie behind the surface phenomena. Schumpeter had his own business cycle theory describing the cycle as an interaction between the stable Walrasian system and disturbing revolutionary innovations.

In the opening chapter of his Theory of Economic Development (1934) Schumpeter says that any satisfactory explanation of economic factors must ultimately be in terms of noneconomic factors. In his book, Three Views on Method in Economics (1960), Henry W. Briefs reported a 1954 conversation with Jacob Marshak, econometrician and former Research Director for the Cowles Commission, about Schumpeter's book, Business Cycles (1939). In his review of Schumpeter's book in Journal of Political Economy (1940) Marshak criticized that he could not translate Schumpeter's business cycle theory into a complete system of equations, because he needed an equation for innovation. In subsequent personal correspondence Marshal asked Schumpeter what drives innovation, and in reply Schumpeter referred Marshak to Henri Bergson's elan vital. This is certainly a noneconomic factor!

However in his Business Cycles book, Schumpeter states that innovation is internal to the economy.
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9 of 12 people found the following review helpful By A Customer on January 22, 2000
Format: Paperback
A thorough description of Schumpeter's ideas and theories with practical applications. His 'creative destruction' theory is well documented and explained. A wonderful read in an argument against government intervention in industry.
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2 of 2 people found the following review helpful By Robert Kirk VINE VOICE on January 19, 2012
Format: Hardcover
Now that I've read most of Schumpeter's work, I can understand why he said this book nearly killed him. The amount of research and depth in every page is mindboggling. Schumpeter does have the tendency to overkill sentences and thoughts but seriously, every page is complex and deep and you must read this book if you are student of economics. If only his conclusions could predict business cycles more accurately for all we have is history.
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