Tags » Schumpeter

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

The Fear of Creative Destruction

As an undergraduate student of economics in Delhi University some four decades ago, I was immensely flattered when my classmate and dear friend Ramachandra Guha conferred on me the name “Schumpeter”; he was in the habit of naming after famous economists those of his classmates whom he considered scholastically minded. 1,461 more words

Public Affairs

The End of Work? (Labor Day Edition)

This Labor Day, I wanted to check into something that I have long suspected but didn’t have the numbers for: that work is still evolving, and that the decline a manufacturing jobs in not the end of our economic history. 535 more words

Economist Profile: Schumpeter

Joseph Schumpeter was, with regards to his greatest works, a quintessentially contradictory scholar – contradictory both within his own writing but also with respect to orthodox theory. 2,297 more words