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Topic: Joseph Schumpeter

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In the News (Tue 23 Jul 19)

  Creative destruction - Wikipedia, the free encyclopedia
In Schumpeter's vision of capitalism, innovative entry by entrepreneurs was the force that sustained long-term economic growth, even as it destroyed the value of established companies that enjoyed some degree of monopoly power.
Schumpeter gained much of his understanding of competition and the essence of creative destruction from Karl Marx.
Schumpeter's contributions are not included in most elementary economic textbooks, focusing instead on the theories of perfect competition and static supply and demand, models which Schumpeter claimed had little relevance to the real world.
en.wikipedia.org /wiki/Creative_destruction   (548 words)

One of Schumpeter's goals is to encourage the reader to think horizontally and vertically, that is, to consider that the opening of India, for example, was perhaps less important than the conquest of the air, and that geographical frontiers are not as important as economic ones.
Schumpeter believed that the sheep-like population--the sheeple as they might be known today--could not prevail against those in power who would implement the peacetime conversion, demanding central control and justifying this action by claiming that what had worked in wartime would continue to work in peace.
Schumpeter was dismissed from his post as Finance Minister of Austria and later as a private banker, but his books on economics inspired others to investigate his analyses on a broader scale than had been done before.
firstprinciples.us /sections/synopses/books/capitalism_socialism_and_democracy.asp   (945 words)

 Schumpeter and the Obsolescence of the Entrepreneur
The conventional-wisdom analysis of Schumpeter's obsolescence thesis is in part a matter of oral tradition among students of Schumpeter (primarily those whose interest in Schumpeter traces to a concern with innovation and technical change).
The weaker interpretation would be that, although Schumpeter's theory of innovation and development remained essentially the same in his later as in his earlier work, the "later" Schumpeter simply chose, for various reasons, to elaborate more fully on the nature of the large corporation and its role in his theory.
As Schumpeter repeatedly stressed, the knowledge with which he was concerned is new from the economic point of view -- not necessarily from the scientific or technical point of view.
www.ucc.uconn.edu /~LANGLOIS/SCHUMPET.HTML   (5985 words)

 Schumpeter on Marx   (Site not responding. Last check: 2007-11-06)
Schumpeter apparently did not view the Soviet Union experiment as that of pure socialism, and throughout the book he refers to the “blueprint socialism”, which for the duration of the book remains a theory yet to be put into practice (p.172).
Schumpeter then says that in the things “that really matter—in the principles governing the formation of incomes, the selection of industrial leaders, the allocation of initiative and responsibility, the definition of success and failure—in everything that constitutes the physiognomy of competitive capitalism, the blueprint is the very opposite of perfect competition” (p.183).
Schumpeter proposes this elimination of decision making risk is helpful because “a minor advantage that is also implied in the superior rationality of the socialist plan results from the fact that in the capitalist order improvements occur as a rule in individual concern and take time and meet resistance in spreading” (p.196).
www.bu.edu /econ/faculty/kyn/newweb/economic_systems/Theory/Marxism/Contemporary_Economics_and_Marxism/schumpeter_lg.htm   (8738 words)

 Commanding Heights : Joseph Schumpeter | on PBS
Joseph Schumpeter was an Austrian-American economist who became known for his theories of capitalist development and business cycles, and for his views on the importance of entrepreneurs and innovation.
Schumpeter achieved prominence for his theories about the vital importance of the entrepreneur in business, emphasizing the entrepreneur's role in stimulating investment and innovation, thereby causing "creative destruction." Creative destruction occurs when innovation makes old ideas and technologies obsolete.
Schumpeter also predicted the sociopolitical disintegration of capitalism, which, he maintained, would be undermined eventually by its own success because it would create a class of intellectuals who would attack it.
www.pbs.org /wgbh/commandingheights/shared/minitextlo/prof_josephschumpeter.html   (238 words)

 Joseph A
Schumpeter was one of the most prominent names in Austrian (and European) economics in the early decades of the 20th century, but he is best known in the Anglophone world for his sociological approach to capitalism and the state.
Joseph Schumpeter was born in the Moravian town of Triesch, which at that time was within the Habsburg Empire.
Schumpeter claimed that capitalism would eventually turn into socialism because the economic units of modern industrialism would become so large that the entrepreneurial structure of early capitalism would cease to be relevant.
ils.unc.edu /~fostj/schumpf/schumpeterpf.htm   (2779 words)

 [No title]   (Site not responding. Last check: 2007-11-06)
Joseph Alois Schumpeter (183-1950), the son of a cloth manufacturer, was born in the Austrian province of Moravia (now a regions in the Czech republic) and educated in law and economics at the University of Vienna.
Schumpeter was deeply devoted to the institutions of capitalism, and he viewed with alarm the forces engendered by the very success of capitalism, because he thought that they would destroy the system.
Schumpeter wrote that if the capitalist system were to follow the pattern of growth it established in the 60 years preceding 1928, we could achieve the objectives of social reformers without significant interference with the capitalist process.
www.suu.edu /faculty/bowman/Econ3790/BrueSchumpeter.htm   (2636 words)

 The Pinocchio Theory » Blog Archive » Joseph Schumpeter
Schumpeter prefers monopolies and oligopolies, with their ability to realize economies of scale, to standardize production, and to take advantage of their control of the market in order to nurture innovations that might not be immediately profitable.
Schumpeter even seems to anticipate the Eldredge-Gould theory of punctuated equilibrium: “these revolutions are not strictly incessant; they occur in discrete rushes that are separated from each other by spans of comparative quiet.
Schumpeter’s analysis of the dynamics of capitalism traces the way that the very success of heroic entrepreneurship leads to the creation of an atmosphere in which entrepreneurship is no longer valued, and in which modishly left-wing intellectuals come to increasing prominence.
www.shaviro.com /Blog?p=434   (1715 words)

 Joseph A. Schumpeter / Biography
After the war, Schumpeter joined the German Socialization Committee in Berlin - which then was composed of several Marxian scholars (such as Hilferding and Kautsky) and other economists (such as Lowe, Lederer and Heimann) who later joined the New School.
Schumpeter ruled Harvard during the period of the "charmed generation" - when Samuelson, Tobin, Goodwin, Tsuru, Heilbroner, Bergson, Metzler, etc. were his students.
Consequently, we give him the honor of founding "evolutionary" economics, given his concern with economic change brought about by the interaction between individuals and the economy as a whole, a concern with socio-economic history and institutions, but not enough to overshadow his search for an inherently theoretical explanation for the development of capitalism.
www.cooperativeindividualism.org /schumpeterbio.html   (537 words)

 Joseph Alois Schumpeter, Biography: The Concise Encyclopedia of Economics: Library of Economics and Liberty   (Site not responding. Last check: 2007-11-06)
Schumpeter never made completely clear whether he believed innovation was sparked by monopoly per se or, rather, by the prospect of getting a monopoly as the reward for innovation.
In it Schumpeter made some controversial comparisons between economists, arguing that Adam Smith was unoriginal, that Alfred Marshall was confused, and that Leon Walras was the greatest economist of all time.
With the rise of Hitler, Schumpeter left Europe and the University of Bonn, where he was a professor from 1925 until 1932, and emigrated to the United States.
www.econlib.org /library/Enc/bios/Schumpeter.html   (821 words)

 Schumpeterian Economicsand the Trilogy of ‘Invention-Innovation-Diffusion’   (Site not responding. Last check: 2007-11-06)
Schumpeter’s thoughts have not yet passed out the circle of academia and intellectuals, probably because "Schumpeter did not want to write for the common reader but only for the elected".
Schumpeter (1927) argues that "There are really four groups of problems which come under the head of "Industrial Fluctuations": The "seasonal fluctuations", the "cycle", the "long waves" and the "sectoral trend".
Schumpeter was extremely critical of Roosevelt and his New Deal." This is probably the main practical distinction between the Keynes’ and Schumpeter’s economics.
www.gslis.utexas.edu /~darius/schump/schump.htm   (2091 words)

 CliffsNotes::The Worldy Philosophers:Book Summary and Study Guide
A contemporary of Keynes, Joseph Alois Schumpeter was a native of Austria, born of solid, yet undistinguished stock.
Schumpeter paints an unappealing picture of the life of an entrepreneur—a talented specialist who differs markedly from the military leader or politician.
Schumpeter's conclusion produced a major economic contribution: the belief that capitalism, which evolves from the values of the civilization itself, was losing its steam.
www.cliffsnotes.com /WileyCDA/LitNote/id-163,pageNum-42.html   (1059 words)

 Economics Interactive   (Site not responding. Last check: 2007-11-06)
Renowned as a master of economics, mathematics, statistics, history, and philosophy, Joseph Schumpeter was both a scholar and an active participant in world affairs.
Schumpeter's writings span the entire economic process: equilibrium, business cycles, and the survival prospects of capitalism.
Schumpeter's writings failed to attract an active school of disciples.
www.unc.edu /~rbyrns/HET/Notables/schumpeter.htm   (419 words)

 Capitalism, Socialism and Democracy
It is as though Schumpeter, now deeply pessimistic about the state of the world, decided to unburden himself not only on economics but on a broad array of other subjects as well.
Much of Schumpeter's argument here might be interpreted as a cry from the heart of a brilliant but unlucky European elitist, who had witnessed one catastrophe after another during the bloody first half of the twentieth century.
Schumpeter's praise of Marx for "being learned, bold to speculate, and broad in his dynamic vision" describes Schumpeter himself, Marx thereby being "a veritable chip off the new block." Yet "Schumpeter was of all my teachers the one whose economics was essentially farthest from Marx's."39
www.eh.net /bookreviews/library/mccraw.shtml   (4736 words)

 Social Research- Volume 58 No. 3
Schumpeter's main purpose in writing Money and Currency was to develop a new theory of money, as he had created a novel theory of economic change in The Theory of Economic Development (1911).
Schumpeter, however, was never able to complete the manuscript to his satisfaction, and he therefore did not want to publish it.
For hours Schumpeter would now sit with an empty paper in front of him, unable to write.7 During the next few years Schumpeter's peace of mind was also disturbed by the fact that he had to write and lecture during his years as a businessman.
www.newschool.edu /centers/socres/vol58/issue583.htm   (1344 words)

 Wired 10.03: The Father of Creative Destruction
Capital policy wonks may not yet be wearing Schumpeter ties, but the Harvard economist's ideas are cited by everyone from Federal Reserve chief Alan Greenspan to the warring parties in the Microsoft antitrust case.
Schumpeter argued that capitalism exists in the state of ferment he dubbed "creative destruction," with spurts of innovation destroying established enterprises and yielding new ones.
Schumpeter, who came of age in the Vienna of Sigmund Freud, once declared his ambition to become Europe's greatest lover and greatest horseman, "and perhaps also its greatest economist." (Later he said coyly he'd achieved two out of three.) In 1932, he left Europe for Harvard.
www.wired.com /wired/archive/10.03/schumpeter_pr.html   (564 words)

Becker, James F. "Joseph A. Schumpeter, Historian of Professional Economics: a Nonprofessoinal Perspective." Research in the History of Economic Thought and Methodology: a Research Annual.
"Joseph A. Schumpeter as a Sociologist." Weltwirtschaftliches Archiv, 65 (1950), 200-214.
Deutsch, Karl W. "Joseph Schumpeter as an Analyst of Sociology and Economic History." Journal of Economic History, 16 (1956), 41-56.
www.utdallas.edu /~harpham/schag.html   (1082 words)

 [No title]
Joseph A. Schumpeter (1883-1950) was one of the most famous economists of this century with an ambivalent personality.
Nevertheless Schumpeter influenced this century's economic thought by promoting a strict theoretical approach in economics, a basic discussion of dynamics and statics, an introduction of innovation as source of economic dynamics and others more.
Schumpeter, Joseph A. (1911) "Theorie der Wirtschaftlichen Entwicklung.
www.geocities.com /bcschipper/schumpcv.html   (813 words)

In the 1930s, Joseph Schumpeter endorsed this concept, and named the pattern the Kondratieff, a name that has since been attached to this phenomenon, even as its existence remained in contention in the years after 1945.
Neo-classical economists have remained wary of it, and it is only in the 1970s, as the post-World War II expansion slowed down once again that attention was drawn to it, and new research especially on innovation moved the subject forward in an important manner.
It is interesting to note that Joseph Schumpeter was the Austrian economist that was developing a methodology to predict booms and busts in the major economies of the world.
onlypill.tripod.com /toolsofthetrade/id14.html   (1604 words)

 theGoodSteward.com   (Site not responding. Last check: 2007-11-06)
Business Week recently named Joseph Schumpeter “today’s hottest economist,” citing his prescient analysis of the role of technology in the free economy.
Schumpeter’s predictions are consistent with the economic developments we have witnessed during the past few years.
While Schumpeter was technically accurate in many of his predictions, the assertion that we are living in the “Schumpeterian Age” of economics is incomplete, at least from a moral perspective.
www.thegoodsteward.com /article.php3?articleID=533   (648 words)

 INTERNETIX - Yrittäjyys -Scumpeter   (Site not responding. Last check: 2007-11-06)
Schumpeter was influenced by Marx, Weber and Walras as well as by his Austrian predecessors Menger and Wieser and by his teacher Böhm-Bawerk (Hebert-Link, 1988:103).
With Schumpeter these men's thoughts and theories sailed across the ocean to the U.S.A. at the beginning of 20th century.
According to Schumpeter the central factor in economic development is the ability to change the past into an unknown future on the basis of intuition.
www.uta.fi /entrenet/english/internetix/scupeterEN.htm   (474 words)

 Knowledge Products Audiobooks - Joseph Schumpeter & Dynamic Economic Change
Joseph Schumpeter (1883-1950) viewed capitalism as a dynamic engine of progress.
Schumpeter saw the freedom of innovation and exchange as the foundation of material progress in capitalist economies.
Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism, in the 20th century.
www.audioclassics.net /html/econ_files/schump.cfm   (178 words)

 Joseph Schumpeter and the moral economy   (Site not responding. Last check: 2007-11-06)
Schumpeter lauded "creative destruction"—the term he used to describe how innovative products and processes make older ones obsolete—as the likely result of human progress.
In addition to his theories on innovation and business cycles, Schumpeter was one of the first economists to credit the Christian scholastics for developing the scientific study of economics (refer to Schumpeter’s book History of Economic Analysis).
Though Schumpeter was known to embrace trendy ideas (which socialism was, during his time), economist William Milberg offers this explanation for Schumpeter’s incorrect prognosis: "Schumpeter’s remarks on the end of capitalism should be read as a warning, not a forecast."
www.acton.org /ppolicy/comment/print.php?id=30   (587 words)

 Modern History Sourcebook: Joseph A. Schumpeter: The Sociology of Imperialism, 1918.
Modern History Sourcebook: Joseph A. Schumpeter: The Sociology of Imperialism, 1918.
For it is always a question, when one speaks of imperialism, of the assertion of an aggressiveness whose real basis does not lie in the aims followed at the moment but an aggressiveness in itself.
No permission is granted for commercial use of the Sourcebook.
www.fordham.edu /halsall/mod/1918schumpeter1.html   (596 words)

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