The Theory of Economic Development

Joseph A. Schumpeter, Richard Swedberg

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Hardback

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English

Routledge
17 May 2021

Society & culture: general; Economic theory & philosophy; Macroeconomics; Political economy; Economic history

Series: Routledge Classics

Joseph Schumpeter (1883–1950) is one of the most fascinating and influential economists of the twentieth century, renowned for his brilliant and unorthodox insights into the nature of capitalism. His students include leading economists such as Paul Samuelson, Robert Solow and the former chairman of the Federal Reserve, Alan Greenspan.

The Theory of Economic Development is one of Schumpeter's most important books and the one that made him famous. He poses a fundamental question: why does economic development proceed cyclically rather than evenly? Turning prevailing economic theory, which approached economics as equilibrium, on its head, Schumpeter argues it is because economics is constantly transformed by its own internal forces. These forces are the 'circular flow' of economic life; economic development, characterised by disruption and innovation; and finally, the levers that push and pull capitalism including credit, profit and interest. These are all manifested in the ‘business cycle’, one of Schumpeter's major contributions to understanding economics and now a perennial feature of virtually all economics and business curricula. He is also the first economist to place the entrepreneur at the heart of capitalism, anticipating subsequent fascination with entrepreneurship in popular business and management writing. Schumpeter also lays the groundwork for his subsequent, highly influential idea of the 'creative destruction' characteristic of radical and rapid economic change.

The Theory of Economic Development remains a vital, magisterial account of economics and the nature of capitalism whose many insights remain highly relevant today.

This Routledge Classics edition includes a new Introduction by Richard Swedberg.

By: Joseph A. Schumpeter
Foreword by: Richard Swedberg
Imprint: Routledge
Country of Publication: United Kingdom
Dimensions: Height: 234mm, Width: 156mm,
Weight: 580g
ISBN: 9780367705275
ISBN 10: 0367705273
Series: Routledge Classics
Pages: 234
Publication Date: 17 May 2021
Audience: College/higher education , Primary , Further / Higher Education
Format: Hardback
Publisher's Status: Active

Joseph A. Schumpeter (1883–1950). Originally born in Moravia in the present-day Czech Republic, Schumpeter was a renowned economist, business theorist and political scientist, famous for coining the term 'creative destruction'. He was for many years Professor of Economics at Harvard University and numbered among his pupils Robert Solow, the Nobel Laureate, and former chairman of the Federal Reserve Alan Greenspan. He is the author of Capitalism, Socialism and Democracy, also published in Routledge Classics.