Search results
Joseph Schumpeter (1883–1950) coined the seemingly paradoxical term “creative destruction,” and generations of economists have adopted it as a shorthand description of the free market’s messy way of delivering progress. In Capitalism, Socialism, and Democracy (1942), the Austrian economist wrote: The opening up of new markets, foreign or domestic, and the organizational development ...
May 6, 2017 · Joseph Schumpeter became the author of the cycle theory based on the nature of the innovation process, more specifically on attributes of business behaviour of innovative entrepreneurs, which are opposed, as antithesis, to another type of business entity – “simple owners”. The nature of actions of the two types is quite different.
Joseph A. Schumpeter (1883-1950) was professor of economics at the University of Gra and at Bonn. He also served as Austrian minister of finance. He later moved to the United States where he taught at Harvard University until his death. His works include Business Cycles, History of Economic Analysis, and Capitalism, Socialism, and Democracy.
Business cycles. In the theory of business cycles, where he was following neither Leon Walras nor Keynes, Schumpeter starts, in his The Theory of Economic Development (1911), with a treatise of circular flow which, excluding any innovations and innovative activities, leads to a stationary state. The stationary state is, according to Schumpeter ...
This theory section will include Joseph Schumpeter’s explanation of the business cycle and his innovation theory. This is an important theory in this project because it will help analyze the pharmaceutical industry and the production of medication. This section sets out to discuss where the theory came from and thoroughly explain the theory.
In the first two, Schumpeter expanded upon his theory of entrepreneurship and theory of growth into a wider theory of the development of capitalism, integrating it into a business cycle theory and a theory socio-economic evolution. Schumpeter's legacy is difficult to assess.
Cite this chapter. Schumpeter, J., Backhaus, U. (2003). The Theory of Economic Development. In: Backhaus, J. (eds) Joseph Alois Schumpeter.
