Similar authors to follow
See more recommendations
Customers Also Bought Items By
“A highly sophisticated interpretation of entrepreneur capitalism, one that is filled with challenges for those who believe that monopolistic practices constitute a long-run sabotage of the functioning of the system, or that we have entered a new period of permanently depressed rates of private capital formation...Schumpeter’s work constitutes, as a whole, a bold attempt to integrate economic theory with economic history in a synthesis in terms of which the mechanics of the capitalistic process may be outlined with reference to historical time....There can be no question of its fundamental importance in throwing a clearer light upon the operations of an enterprise economy, and in setting up numerous objectives for future empirical research.”—The American Economic Review
“If Nobel Prizes were posthumously awarded, Joseph Alois Schumpeter would certainly merit the honor, preferably with an oak leaf cluster. More than a generation after his death in 1950, he is universally esteemed a great economist.”—Robert Lekachman.
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.
Capitalism, Socialism and Democracy remains one of the greatest works of social theory written in the twentieth Century. Schumpeter's contention that the seeds of capitalism's decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the book's first publication in 1943. By refusing to become an advocate for either position, Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.
This Routledge Classics edition includes a new Introduction by one of the world’s leading economists, Joseph Stiglitz.
Schumpeter proclaims in this classical analysis of capitalist society first published in 1911 that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact.
Of those who argue against him, Schumpeter asks a fundamental question: "Is it really artificial to keep separate the phenomena incidental to running a firm and the phenomena incidental to creating a new one?" In his answers, Schumpeter offers guidance to Third World politicians no less than First World businesspeople.
In his substantial new introduction, John E. Elliott discusses the salient ideas of The Theory of Economic Development against the historical background of three great periods of economic thought in the last two decades.
Why has the work endured so well? Schumpeter's contention that the seeds of capitalism's decline were internal, and his equal and opposite hostility to centralist socialism have perplexed, engaged and infuriated readers since the book's publication. By refusing to become an advocate for either position Schumpeter was able both to make his own great and original contribution and to clear the way for a more balanced consideration of the most important social movements of his and our time.