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Author: Joseph A. Schumpeter
Publisher: Routledge
ISBN: 1000385892
Category : Business & Economics
Languages : en
Pages : 206
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Book Description
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.
Author: Joseph A. Schumpeter
Publisher: Routledge
ISBN: 1000385892
Category : Business & Economics
Languages : en
Pages : 206
Get Book Here
Book Description
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.
Author: Joseph A. Schumpeter
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Schumpeter first reviews the basic economic concepts that describe the recurring economic processes of a commercially organized state in which private property, division of labor, and free competition prevail. These constitute what Schumpeter calls "the circular flow of economic life," such as consumption, factors and means of production, labor, value, prices, cost, exchange, money as a circulating medium, and exchange value of money. The principal focus of the book is advancing the idea that change (economic development) is the key to explaining the features of a modern economy. Schumpeter emphasizes that his work deals with economic dynamics or economic development, not with theories of equilibrium or "circular flow" of a static economy, which have formed the basis of traditional economics. Interest, profit, productive interest, and business fluctuations, capital, credit, and entrepreneurs can better be explained by reference to processes of development. A static economy would know no productive interest, which has its source in the profits that arise from the process of development (successful execution of new combinations). The principal changes in a dynamic economy are due to technical innovations in the production process. Schumpeter elaborates on the role of credit in economic development; credit expansion affects the distribution of income and capital formation. Bank credit detaches productive resources from their place in circular flow to new productive combinations and innovations. Capitalism inherently depends upon economic progress, development, innovation, and expansive activity, which would be suppressed by inflexible monetary policy. The essence of development consists in the introduction of innovations into the system of production. This period of incorporation or adsorption is a period of readjustment, which is the essence of depression. Both profits of booms and losses from depression are part of the process of development. There is a distinction between the processes of creating a new productive apparatus and the process of merely operating it once it is created. Development is effected by the entrepreneur, who guides the diversion of the factors of production into new combinations for better use; by recasting the productive process, including the introduction of new machinery, and producing products at less expense, the entrepreneur creates a surplus, which he claims as profit. The entrepreneur requires capital, which is found in the money market, and for which the entrepreneur pays interest. The entrepreneur creates a model for others to follow, and the appearance of numerous new entrepreneurs causes depressions as the system struggles to achieve a new equilibrium. The entrepreneurial profit then vanishes in the vortex of competition; the stage is set for new combinations. Risk is not part of the entrepreneurial function; risk falls on the provider of capital. (TNM).
Author: Jürgen G. Backhaus
Publisher: Springer Science & Business Media
ISBN: 0306480824
Category : Business & Economics
Languages : en
Pages : 356
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Book Description
Joseph Alois Schumpeter is arguably the most important economist of the 20th century. Most readers are familiar with his Theory of Economic Development and his classic Capitalism, Socialism and Democracy. Less well-known are his seminal works published before he left Europe for the United States in 1942. In particular for the first time the missing Chapter Seven of his Theory of Economic Development has been published in this volume. It tries to put Economic Development into the broader context of culture, law and policy. Many of his earlier writings display a similar integrative approach and are therefore often treated as sociological writings. As Capitalism, Socialism and Democracy shows, he did not dissociate the different social sciences in his own mind but rather strove to keep the unity of the social sciences. Entrepreneurship, style and vision are the unifying concepts of his work.
Author: E. Wayne Nafziger
Publisher: Cambridge University Press
ISBN: 052176548X
Category : Business & Economics
Languages : en
Pages : 863
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Book Description
E. Wayne Nafziger analyzes the economic development of Asia, Africa, Latin America, and East-Central Europe. The book is suitable for those with a background in economics principles. Nafziger explains the reasons for the recent fast growth of India, Poland, Brazil, China, and other Pacific Rim countries, and the slow, yet essential, growth for a turnaround of sub-Saharan Africa. The fifth edition of the text, written by a scholar of developing countries, is replete with real-world examples and up-to-date information. Nafziger discusses poverty, income inequality, hunger, unemployment, the environment and carbon-dioxide emissions, and the widening gap between rich (including middle-income) and poor countries. Other new components include the rise and fall of models based on Russia, Japan, China/Taiwan/Korea, and North America; randomized experiments to assess aid; an exploration of whether information technology and mobile phones can provide poor countries with a shortcut to prosperity; and a discussion of how worldwide financial crises, debt, and trade and capital markets affect developing countries.
Author: Sung-Hee Jwa
Publisher: Edward Elgar Publishing
ISBN: 1785367994
Category : Capitalism
Languages : en
Pages : 317
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Book Description
This book makes the bold attempt at proposing a new general theory of economic development. The main premise is that economic institutions and policies must embody ‘economic discrimination’ if there is to be any chance of real economic development. By economic discrimination, the author means ‘treating differences differently’ by selecting and supporting economic entities and behaviour that contribute positively to the economy. The book identifies markets, government and corporations as the ‘holy trinity of economic development’, that is, the three most important institutions that must work together via economic discrimination to steer the economy towards real transformative progress. The book also warns against the current trend of economic egalitarianism or ‘not treating differences differently’ because it destroys economic incentives and results in an array of economic problems including growth stagnation.
Author: Robert Huggins
Publisher:
ISBN: 0198832346
Category : Business & Economics
Languages : en
Pages : 323
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Book Description
This book establishes a novel behavioural theory of economic development to illustrate that differences in human behaviour across cities and regions, both individually and collectively, are a significant deep-rooted cause of uneven development within and across nations.
Author: David de la Croix
Publisher: Cambridge University Press
ISBN: 9780521001151
Category : Business & Economics
Languages : en
Pages : 400
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Book Description
This book provides an in-depth treatment of the overlapping generations model in economics incorporating production.
Author: Dilip Mookherjee
Publisher: Wiley-Blackwell
ISBN: 9780631220053
Category : Business & Economics
Languages : en
Pages : 496
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Book Description
This collection provides a complete introduction to new ways of thinking about economic development. Emphasizing economic theory, each article has been selected for its theoretical completeness, accessibility and clarity as well as its value as a contribution to the field. A thorough introductory essay summarizes the state of the field for those new to the field and explains the importance of the articles selected.
Author: Diana Hunt
Publisher: Rowman & Littlefield Publishers
ISBN: 9780389207405
Category : Developing countries
Languages : en
Pages : 0
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Book Description
PMThe author reviews the alternative analytical approaches that have emerged in development economics and identifies six paradigms: structuralist, expanding capital nucleus, neo-Marxist, Maoist, basic needs, neo-classical and dependency theory. She critically analyzes the main features of each paradigm and identifies the areas where they conflict and support one other. The book presents a coherent analysis of the different approaches to economic development and will be essential reading for economists, political scientists, and sociologists interested in the Third World. Contents: Introduction; The Theoretical Heritage; The Theoretical Debate in Development Economics from the 1940s: An Overview; The Paradigm of the Expanding Nucleus; The Structuralist Paradigm; The Neo-Marxist Paradigm; Dependency Analyses: The Seeds of a New Paradigm?; The Moaist Paradigm; The Basic Needs Paradigm; The Neo-Classical Pradigm and Its Role in Development Economics; Conclusion
Author: Paul R. Krugman
Publisher: MIT Press
ISBN: 9780262611350
Category : Business & Economics
Languages : en
Pages : 132
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Book Description
Krugman examines the course of economic geography and development theory to shed light on the nature of economic inquiry.
