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Schumpeter criticized John Maynard Keynes and David Ricardo for the "Ricardian vice". According to Schumpeter, both Ricardo and Keynes reasoned in terms of abstract models, where they would freeze all but a few variables. Then they could argue that one caused the other in a simple monotonic fashion. This led to the belief that one could easily ...
The International Joseph A. Schumpeter Society (ISS) is an economics association aimed at furthering research in the spirit of Joseph Schumpeter. Wolfgang F. Stolper and Horst Hanusch initiated the foundation of the society in 1986. [1]
[22] Scholars such as Joseph Schumpeter have cited Ibn Khaldun, who in his Muqaddimah (1377), described labor as the source of value, necessary for all earnings and capital accumulation. He argued that even if earning "results from something other than a craft, the value of the resulting profit and acquired (capital) must (also) include the ...
Schumpeter devotes the first 56 pages of the book to an analysis of Marxian thought and the place within it for entrepreneurs. Noteworthy is the way that Schumpeter points out the difference between the capitalist and the entrepreneur, a distinction that he claims Karl Marx would have been better served to have made (p. 52). The analysis of ...
Schumpeter (1949) in one of his examples used "the railroadization of the Middle West as it was initiated by the Illinois Central." He wrote, "The Illinois Central not only meant very good business whilst it was built and whilst new cities were built around it and land was cultivated, but it spelled the death sentence for the [old] agriculture ...
Joseph Schumpeter was one of the first and most important scholars who extensively tackled the question of innovation in economics. [2] In contrast to his contemporary John Maynard Keynes, Schumpeter contended that evolving institutions, entrepreneurs and technological change were at the heart of economic growth, not independent forces that are largely unaffected by policy.
Neo-Schumpeterian economics is a school of thought that places technological innovation at the core of economic growth and transformation processes. It is inspired by the work of Joseph Schumpeter who coined the term creative destruction for the continuous introduction of technological change that drives growth by replacing old, less productive structures with new, more productive ones.
Joseph Schumpeter, John Maynard Keynes, Karl Marx, Gunnar Myrdal, Gustav von Schmoller, Werner Sombart, Nicholas Kaldor, Max Weber and Adam Smith (for considerations of the primary sector) are among the theorists to have influenced The Other Canon.