Tags » Schumpeter

How economists approach history

If only to inspire economics students to study history, and how to apply economics to solve historical puzzles, here’s an example of a very interesting study… 58 more words

Economic Thought

creative destruction

Ricardo J. Caballero defines creative destruction as:

“the incessant product and process innovation mechanism by which new production units replace outdated ones.”

Creative destruction was theorized and formulated by Joseph Schumpeter in 1942 and called it “the essential fact about capitalism.” 565 more words


III. Politika eta elitismo intelektuala; demokrazia garaikidearen aurka

Demokrazia modernoaren arrastoa hori da, finean: adituen gidaritzarik gabe dena pikutara doan sinesmena. Liderrari kultua. Alderdiari kultua

Aurreko pasartearen amaierarekin bat datorren zati hau ulertzeko komeni da pare bat konkrezio egitea… 708 more words


Politics 1: Capitalism, Socialism and Democracy (Schumpeter)

Reading 4: Schumpeter

The Classical Doctrine of Democracy

Democracy is that which is an institutional arrangement put in place in order to arrive at political decisions which realise the common good by making the people decide the issues through the elected officials. 804 more words

Helpful Notes

Creative Destruction

Can you create while destroying?  This apparent oxymoron is a key to understanding capitalism as an engine of human progress.

Josef Schumpeter coined the term “creative destruction” as shorthand for describing the way that free markets, including of capital, result in technological progress. 339 more words

Economic Thought

EC12. Pointers No. 7

FAQs on Chs. 8-9 of Backhouse – History and Theory in Europe, American Economics to 1939

  1. How does Schumpeter’s view of the business cycle differ from that of Marx?
  2. 158 more words
Economic Thought

Capitalism, Socialism, and Democracy: Part 2: Can Capitalism Survive?

Chapter 5: The Rate of Increase of Total Output

Argument: A first test of economic performance is total output, but this device is insufficient to give us a general idea of growth, of the dignity or intensity or pleasantness of human life >> because it does not account for the change in quality that is the core of the progress achieved. 777 more words

The Great Economists