Joseph Schumpeter

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Schumpeter, Joseph

 

Born Feb. 8, 1883, in Triesch (now Třešt’), Moravia; died Jan. 8,1950, inTaconic, Conn. Economist and sociologist.

Educated at the University of Vienna, Schumpeter served as finance minister of Austria in 1919 and 1920. He was a professor at the University of Bonn from 1925 to 1932 and at Harvard University from 1932 until his death. He regarded the history of the discipline of political economy as the development of an analytical framework and of research methods for studying economic phenomena.

Schumpeter is known primarily for his concept of economic dynamics, which assigned a central place to the entrepreneurial function. He advanced the theory of efficient competition, which depicts the market mechanism in the era of big business as the fruitful interaction of the forces of monopoly and competition. These forces are fueled by innovations and impart a particular dynamism to economic development.

Schumpeter worked out the dynamic concept of the business cycle, in which recurrent business cycles are seen as a law of economic growth. According to this concept, the driving force behind prosperity is mass investment, embodying certain innovations, in fixed capital. In Schumpeter’s view, crises are not inevitable but occur when the natural cessation of an economic boom is met by panic. The theory of cycles assigns a major role to credit, which brings additional economic resources into play and thereby helps to implement innovations. Schumpeter attempted to refute the Marxist theory of socialist revolution by arguing that capitalist free enterprise would inevitaby be transformed, gradually, into an economic system whose development would be regulated and directed by the state.

WORKS

The Theory of Economic Development. New York, 1961.
Business Cycles, vols. 1–2. New York—London, 1939.
Capitalism, Socialism, and Democracy, 3rd ed. New York, 1950.
Ten Great Economists. New York [1951].
History of Economic Analysis. London [1967].

REFERENCES

Al’ter, L. B. Burzhuaznaia politicheskaia ekonomiia SShA. Moscow, 1961.
Seligman, B. Osnovnye techeniia sovremennoi ekonomicheskoi mysli. Moscow, 1968. Chapter 8. (Translated from English.)
Clemence, R. V., and F. S. Doody. The Schumpeterian System. Cambridge, Mass., 1950.
Schumpeter: Social Scientist. Edited by E. Harris. Cambridge, Mass., 1951.
Schneider, E., and G. Spiethoff, eds. Aufsätze zur ökonomischenTheorie. Tübingen, 1952.

K. B. KOZLOVA

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It is easy to imagine from the outlined interpretation of boom and bust how Schumpeter reacted to the publication of John Maynard Keynes' "The General Theory of Employment, Interest and Money" (1936).
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First, from today's point of view, Schumpeter is a truly interdisciplinary theorist.
Fifteen years after his first edition of TED, Schumpeter qualifies the uniqueness of his entrepreneurial type by arguing (ibid.
Forgive the fact that a study of Austrian economics starting with Menger and Schumpeter ended up with a discussion of Heidegger
Pero desde tiempos de Schumpeter nos encontramos ante una concreta discusion: ?
Luego presenta y comenta los puntos de vista de Karl Marx, Joseph Schumpeter, Karl Polanyi y Moses Finley, los comentaristas mas celebres de legado economico aristotelico.
Emblematic figure for evolutionary economics, Schumpeter thought that expectations regarding profit motivate the entrepreneur to innovate in order to temporarily gain a monopoly position.
In 1919, Joseph Schumpeter served as finance minister in his native Austria.