The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle / Edition 1

The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle / Edition 1

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by Joseph A. Schumpeter
     
 

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ISBN-10: 0878556982

ISBN-13: 9780878556984

Pub. Date: 01/01/1982

Publisher: Transaction Publishers

Schumpeter proclaims in this classical analysis of capitalist society first published in 1911 that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact.

Of those who argue against him,

Overview

Schumpeter proclaims in this classical analysis of capitalist society first published in 1911 that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact.

Of those who argue against him, Schumpeter asks a fundamental question: "Is it really artificial to keep separate the phenomena incidental to running a firm and the phenomena incidental to creating a new one?" In his answers, Schumpeter offers guidance to Third World politicians no less than First World businesspeople.

In his substantial new introduction, John E. Elliott discusses the salient ideas of The Theory of Economic Development against the historical background of three great periods of economic thought in the last two decades.

Product Details

ISBN-13:
9780878556984
Publisher:
Transaction Publishers
Publication date:
01/01/1982
Series:
Social Science Classics Series
Edition description:
REPRINT
Pages:
244
Sales rank:
670,730
Product dimensions:
6.00(w) x 9.00(h) x 0.72(d)

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The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle 5 out of 5 based on 0 ratings. 1 reviews.
RolfDobelli More than 1 year ago
Pick up any introductory economics text, and in its opening pages you'll find the uncredited work of Joseph A. Schumpeter (1883-1950). He is best known for his theory of "Creative Destruction" - which posits the economic obliteration of the old to make way for the entrepreneurial new - but here he only alludes to it. This pioneering analysis made him an early champion of entrepreneurial profit and laid the groundwork for his later masterpieces on business cycles. Schumpeter wrote extensively on capital and capitalism, earning the sobriquet the "bourgeois Marx." But he was not an iconic, dusty economist. He studied law, handled the financial affairs of an Egyptian princess in Cairo, became, at 28, the youngest full professor at the University of Graz and served as Austria's finance minister. Famous for his eccentricities, he told his students that he had three goals: to become the greatest horseman, the greatest lover and the greatest economist. He would then note that he'd fulfilled only two of his objectives. getAbstract considers this classic treatise - despite its density and a few anachronisms - required reading for students of economics and finance in academia, business and public policy.