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The Theory of Economic Development

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Schumpeter, Joseph, Backhaus, Ursula·2006·The European Heritage in Economics and the Social Sciences
DOI 10.1007/0-306-48082-4_3
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Abstract

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.

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Authors
Schumpeter, J., & Backhaus, U.
Venue
The European Heritage in Economics and the Social Sciences
Publisher
Kluwer Academic Publishers
Published
2003-01-01
Pages
61-116
ISSN
1572-1744 (ISSN-L)
DOI
10.1007/0-306-48082-4_3
OpenAlex
W1537543935
Cited by
22,506
References
0
FWCI
1835.27
Type
book chapter
Language
en
Open access
green
Licence

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