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The Theory of Economic Development
Series: Routledge Classics
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The Theory of Economic Development
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Ideal for students and scholars of economics, business professionals, and anyone interested in the dynamics of capitalism and innovation.
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.
Book Hero Magic formatted this description to make it easier to read. While it's new and
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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.
Series: Routledge Classics
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Book Details
INFORMATION
ISBN: 9780367705275
Publisher: Taylor & Francis Ltd
Format: Hardback
Date Published: 17 May 2021
Country: United Kingdom
Imprint: Routledge
Contributors:
- Foreword by Richard Swedberg
Audience: Tertiary education
DIMENSIONS
Width: 156.0mm
Height: 234.0mm
Weight: 580g
Pages: 234
About the Author
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.
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