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Lectures On Schumpeterian Economics
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Book Synopsis Lectures on Schumpeterian Economics by : Christian Seidl
Download or read book Lectures on Schumpeterian Economics written by Christian Seidl and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 217 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel laureate Sir John Hicks has with good reason called the third quarter of the 1 twentieth century the age of Keynes • Sir John nevertheless diagnosed a crisis of Keynesian economics even before this period had expired. But if only a few gifted scholars had foreseen the crisis of Keynesian economics before 1975, this year at least marked the ultimate disenchantment of Keynesian economics. Keynesian economic policy proved ineffective to cope with the economic challenges of the late seventies: unemployment, inflation, and stagnation of economic growth. Alarmed governments resorted to more and more intense remedies out of the Keynesian box of Pandora. But all they got was the creation of additional difficulties, aggravating the situation still more: soaring public debt, extraordinary balance-of-payments deficits, and economic instability. It had been argued until quite recently that capi talism could have survived only "in the oxygen tent of government deficit spend 2 ing ". But it has become patent since the mid-seventies that it is first and foremost the Keynesian oxygen tent that has produced the present embarrassment of capital ist economies. The present economic malaise in nearly all Western countries has accordingly led to considerable unrest in the economics profession. Somewhat reminiscent of the thirties, a feverish search for alternatives to the prevailing but insufficient econ omic doctrine has begun. Among the candidates to be screened, Schumpeterian economics takes a prominent place.
Download or read book Complex Economics written by Alan Kirman and published by Routledge. This book was released on 2010-09-13 with total page 366 pages. Available in PDF, EPUB and Kindle. Book excerpt: The economic crisis is also a crisis for economic theory. Most analyses of the evolution of the crisis invoke three themes, contagion, networks and trust, yet none of these play a major role in standard macroeconomic models. What is needed is a theory in which these aspects are central. The direct interaction between individuals, firms and banks does not simply produce imperfections in the functioning of the economy but is the very basis of the functioning of a modern economy. This book suggests a way of analysing the economy which takes this point of view. The economy should be considered as a complex adaptive system in which the agents constantly react to, influence and are influenced by, the other individuals in the economy. In such systems which are familiar from statistical physics and biology for example, the behaviour of the aggregate cannot be deduced from the behaviour of the average, or "representative" individual. Just as the organised activity of an ants’ nest cannot be understood from the behaviour of a "representative ant" so macroeconomic phenomena should not be assimilated to those associated with the "representative agent". This book provides examples where this can clearly be seen. The examples range from Schelling’s model of segregation, to contributions to public goods, the evolution of buyer seller relations in fish markets, to financial models based on the foraging behaviour of ants. The message of the book is that coordination rather than efficiency is the central problem in economics. How do the myriads of individual choices and decisions come to be coordinated? How does the economy or a market, "self organise" and how does this sometimes result in major upheavals, or to use the phrase from physics, "phase transitions"? The sort of system described in this book is not in equilibrium in the standard sense, it is constantly changing and moving from state to state and its very structure is always being modified. The economy is not a ship sailing on a well-defined trajectory which occasionally gets knocked off course. It is more like the slime described in the book "emergence", constantly reorganising itself so as to slide collectively in directions which are neither understood nor necessarily desired by its components.
Book Synopsis Lectures on Schumpeterian Economics by : Karl Acham
Download or read book Lectures on Schumpeterian Economics written by Karl Acham and published by Berlin ; New York : Springer-Verlag. This book was released on 1984 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Nobel laureate Sir John Hicks has with good reason called the third quarter of the 1 twentieth century the age of Keynes - Sir John nevertheless diagnosed a crisis of Keynesian economics even before this period had expired. But if only a few gifted scholars had foreseen the crisis of Keynesian economics before 1975, this year at least marked the ultimate disenchantment of Keynesian economics. Keynesian economic policy proved ineffective to cope with the economic challenges of the late seventies: unemployment, inflation, and stagnation of economic growth. Alarmed governments resorted to more and more intense remedies out of the Keynesian box of Pandora. But all they got was the creation of additional difficulties, aggravating the situation still more: soaring public debt, extraordinary balance-of-payments deficits, and economic instability. It had been argued until quite recently that capi- talism could have survived only "in the oxygen tent of government deficit spend- 2 ing ." But it has become patent since the mid-seventies that it is first and foremost the Keynesian oxygen tent that has produced the present embarrassment of capital- ist economies. The present economic malaise in nearly all Western countries has accordingly led to considerable unrest in the economics profession. Somewhat reminiscent of the thirties, a feverish search for alternatives to the prevailing but insufficient econ- omic doctrine has begun. Among the candidates to be screened, Schumpeterian economics takes a prominent place.
Book Synopsis Knowledge, Institutions and Evolution in Economics by : Brian Loasby
Download or read book Knowledge, Institutions and Evolution in Economics written by Brian Loasby and published by Routledge. This book was released on 2002-09-26 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: This volume explores how the limitations of human knowledge creates opportunities as well as problems in the modern economy.
Book Synopsis Joseph A. Schumpeter by : Richard Swedberg
Download or read book Joseph A. Schumpeter written by Richard Swedberg and published by Princeton University Press. This book was released on 2020-12-08 with total page 503 pages. Available in PDF, EPUB and Kindle. Book excerpt: The renowned economist Joseph A. Schumpeter (1883-1950) made seminal contributions not only to economic theory but also to sociology and economic history. His work is now attracting wide attention among sociologists, as well as experiencing a remarkable revival among economists. This anthology, which serves as an excellent introduction to Schumpeter, emphasizes his broad socio-economic vision and his attempt to analyze economic reality from several different perspectives. An ambitious introductory essay by Richard Swedberg uses many new sources to enhance our understanding of Schumpeter's life and work and to help analyze his fascinating character. This essay stresses Schumpeter's ability to draw on several social sciences in his study of capitalism. Some of the articles in the anthology are published for the first time. The most important of these are Schumpeter's Lowell Lectures from 1941, "An Economic Interpretation of Our Time." Also included is the transcript of his lecture "Can Capitalism Survive?" (1936) and the high-spirited debate that followed. The anthology contains many of Schumpeter's classical sociological articles, such as his essays on the tax state, imperialism, and social classes. And, finally, there are lesser known articles on the future of private enterprise, on the concept of rationality in the social sciences, and on the work of Max Weber, with whom Schumpeter collaborated on several occasions.
Book Synopsis Prophet of Innovation by : Thomas K. McCraw
Download or read book Prophet of Innovation written by Thomas K. McCraw and published by Harvard University Press. This book was released on 2010-03-30 with total page 734 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pan Am, Gimbel’s, Pullman, Douglas Aircraft, Digital Equipment Corporation, British Leyland—all once as strong as dinosaurs, all now just as extinct. Destruction of businesses, fortunes, products, and careers is the price of progress toward a better material life. No one understood this bedrock economic principle better than Joseph A. Schumpeter. “Creative destruction,” he said, is the driving force of capitalism. Described by John Kenneth Galbraith as “the most sophisticated conservative” of the twentieth century, Schumpeter made his mark as the prophet of incessant change. His vision was stark: Nearly all businesses fail, victims of innovation by their competitors. Businesspeople ignore this lesson at their peril—to survive, they must be entrepreneurial and think strategically. Yet in Schumpeter’s view, the general prosperity produced by the “capitalist engine” far outweighs the wreckage it leaves behind. During a tumultuous life spanning two world wars, the Great Depression, and the early Cold War, Schumpeter reinvented himself many times. From boy wonder in turn-of-the-century Vienna to captivating Harvard professor, he was stalked by tragedy and haunted by the specter of his rival, John Maynard Keynes. By 1983—the centennial of the birth of both men—Forbes christened Schumpeter, not Keynes, the best navigator through the turbulent seas of globalization. Time has proved that assessment accurate. Prophet of Innovation is also the private story of a man rescued repeatedly by women who loved him and put his well-being above their own. Without them, he would likely have perished, so fierce were the conflicts between his reason and his emotions. Drawing on all of Schumpeter’s writings, including many intimate diaries and letters never before used, this biography paints the full portrait of a magnetic figure who aspired to become the world’s greatest economist, lover, and horseman—and admitted to failure only with the horses.
Book Synopsis Dynamics of Industrial Capitalism by : Richard N. Langlois
Download or read book Dynamics of Industrial Capitalism written by Richard N. Langlois and published by Routledge. This book was released on 2007-02-28 with total page 133 pages. Available in PDF, EPUB and Kindle. Book excerpt: Co-winner of the 2006 Schumpeter Prize of the International Joseph A. Schumpeter SocietyExplaining the shift of the organizational landscape towards more specialized entities connected by markets and networks, this book places the work of Schumpeter and Chandler in a larger theoretical framework.
Author :Eliot Janeway Lectures on Historical Economics in Honor of Joseph Schumpeter Princeton, NJ Publisher : ISBN 13 : Total Pages : pages Book Rating :4.:/5 (12 download)
Book Synopsis The Eliot Janeway Lectures on Historical Economics in Honor of Joseph Schumpeter by : Eliot Janeway Lectures on Historical Economics in Honor of Joseph Schumpeter Princeton, NJ
Download or read book The Eliot Janeway Lectures on Historical Economics in Honor of Joseph Schumpeter written by Eliot Janeway Lectures on Historical Economics in Honor of Joseph Schumpeter Princeton, NJ and published by . This book was released on 1972 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Evolutionary Economics and Creative Destruction by : J. Stanley Metcalfe
Download or read book Evolutionary Economics and Creative Destruction written by J. Stanley Metcalfe and published by Psychology Press. This book was released on 2006 with total page 171 pages. Available in PDF, EPUB and Kindle. Book excerpt: The central theme of this book is competition treated as an evolutionary process in which the focus is upon economic change and not economic equilibrium. This theme is explored by linking together differences in economic behaviour with the role of markets as co-ordinating institutions. In this picture innovation plays a central role as a primary source of differential behaviour of firms and the purpose of the book is to identify the consequences of these differences for competition and competitive advantage.
Book Synopsis Dynamics of Industrial Capitalism by : Richard N. Langlois
Download or read book Dynamics of Industrial Capitalism written by Richard N. Langlois and published by Routledge. This book was released on 2007-02-28 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt: Co-winner of the 2006 Schumpeter Prize of the International Joseph A. Schumpeter Society.This book explains the shift of the organizational landscape away from vertically integrated firms and towards more specialized entities connected by markets and networks. In doing so, it places in a larger theoretical framework the work of Joseph Schumpeter an
Book Synopsis Schumpeter and the Endogeneity of Technology by : Nathan Rosenberg
Download or read book Schumpeter and the Endogeneity of Technology written by Nathan Rosenberg and published by Routledge. This book was released on 2000-04-06 with total page 134 pages. Available in PDF, EPUB and Kindle. Book excerpt: Schumpeter's profoundly influential work developed the notion of the endogeneity of technology, and offered illuminating historical analyses of how and why some social systems have managed to generate innovation. This new interpretation explores Schumpeter's central ideas, and examines the ways in which the concept of endogeneity can illuminate rec
Book Synopsis The Nature and Essence of Economic Theory by : Joseph A. Schumpeter
Download or read book The Nature and Essence of Economic Theory written by Joseph A. Schumpeter and published by . This book was released on 2017 with total page 464 pages. Available in PDF, EPUB and Kindle. Book excerpt: "Joseph A. Schumpeter was a monumental figure in the history and development of economics. This work brings together his brilliant lectures, delivered more than a century ago, in its first English-language paperback edition. Here, readers will discover Schumpeter's search for an economic science devoid of moral or political dogma. The Nature and Essence of Economic Theory works out what people should think of pure economics, what its nature is, what its methods and findings are, and where thought takes off from there. The book shows the limitations and weaknesses of nineteenth-century economics and how the field could be and was improved by establishing a fundamental differentiation between 'statistics' and 'dynamics'. To convey his arguments, Schumpeter uses certain axioms that form a consistent, self-contained system and show how sound economic science is based on facts and events rather than presuppositions or definitions. Schumpeter's larger aim, beyond a pedagogic tool, was to deduce changes in the market, trade, and exchange of goods and services. He defined the task of economy as the description of the system and its change tendencies. If that can be achieved unequivocally, without resorting to doctrine or dogma, then the field can be considered self-contained."--Provided by publisher.
Download or read book A Culture of Growth written by Joel Mokyr and published by Princeton University Press. This book was released on 2016-11-15 with total page 417 pages. Available in PDF, EPUB and Kindle. Book excerpt: Why Enlightenment culture sparked the Industrial Revolution During the late eighteenth century, innovations in Europe triggered the Industrial Revolution and the sustained economic progress that spread across the globe. While much has been made of the details of the Industrial Revolution, what remains a mystery is why it took place at all. Why did this revolution begin in the West and not elsewhere, and why did it continue, leading to today's unprecedented prosperity? In this groundbreaking book, celebrated economic historian Joel Mokyr argues that a culture of growth specific to early modern Europe and the European Enlightenment laid the foundations for the scientific advances and pioneering inventions that would instigate explosive technological and economic development. Bringing together economics, the history of science and technology, and models of cultural evolution, Mokyr demonstrates that culture—the beliefs, values, and preferences in society that are capable of changing behavior—was a deciding factor in societal transformations. Mokyr looks at the period 1500–1700 to show that a politically fragmented Europe fostered a competitive "market for ideas" and a willingness to investigate the secrets of nature. At the same time, a transnational community of brilliant thinkers known as the “Republic of Letters” freely circulated and distributed ideas and writings. This political fragmentation and the supportive intellectual environment explain how the Industrial Revolution happened in Europe but not China, despite similar levels of technology and intellectual activity. In Europe, heterodox and creative thinkers could find sanctuary in other countries and spread their thinking across borders. In contrast, China’s version of the Enlightenment remained controlled by the ruling elite. Combining ideas from economics and cultural evolution, A Culture of Growth provides startling reasons for why the foundations of our modern economy were laid in the mere two centuries between Columbus and Newton.
Book Synopsis Capitalism, Socialism, and Democracy by : Joseph A. Schumpeter
Download or read book Capitalism, Socialism, and Democracy written by Joseph A. Schumpeter and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Explores the relation between a socialist view of society and the democratic method of government; argues that socialism is probably inevitable, for political rather than economic reasons. The book developes five principal themes, presented in five parts. Part I, "The Marxian Doctrine," attests to Schumpeter's belief in the importance of Karl Marx's thought, and discusses Marx in the roles of prophet, sociologist, economist, and teacher. His strength lay in synthesis of history, economics, and politics into a vision and system (which Schumpeter admires) that that can be used for solving problems and contributing to knowledge and insight; the value of Marx's theories and conclusions are found wanting. Part II "Can Capitalism Survive?" shows that a socialist form of society will inevitably emerge from the inevitable decomposition of capitalist society. Essential to capitalism is the process of "creative destruction," which constantly revolutionizes the system from within; this revolutionary transformation of capitalism, which spells its doom, results from its success--not, as Marx argued, from its failure. In Schumpeter's view of capitalism, monopolistic policies promote stability and increase efficiency; unemployment and business cycles accompany economic growth; and without political interference, output would increase and standard of living increase. The entrepreneurial function, which revolutionizes production by exploiting innovation, becomes routine and obsolete due to technical development and rise of big firms; the entrepreneur becomes a bureaucrat. Without innovating enterprise, profit will vanish or become unimportant. Capitalism's success undermines the social conditions that protect it. Capitalism will not survive because public opinion will not support it: the bourgeoisie is not equipped for politics; corporate evolution and decline of the family have reduced the bourgeois sense of property and incentives; destruction of monarchy and aristocracy have deprived the bourgeois of its protectors; and disenchanted intellectuals inflame discontent with free enterprise. Establishment of socialism can be expected. Part III, "Can Socialism Work?" answers, "Of course it can." Socialism for Schumpeter is centralized control over the means of production. Necessary for the success of socialism is reaching the requisite stage of industrial development and resolution of transitional problems. The assessment of a socialist society should be based less on economic efficiency than on the quality of the bureaucratic apparatus operating the system. Socialism may likely be as successful in satisfying consumers, promoting economic progress, and enforcing discipline and efficiency. Part IV, "Socialism and Democracy" argues one can have autocratic, theocratic, or democratic socialism. Socialism's economic problem should only be discussed referring to the given state of the social environment and historical situation. Schumpeter alternatively defines democracy as people's selection of a government. Socialism may be democratic if certain conditions are met: politics must be culturally valued, range of political decisions must be fairly narrow, a well-trained bureaucracy exists, and the public exercises democratic self control. Part V, "Historical Sketch of Socialist Parties" analyzes the history of the most important socialist parties in England, Sweden, U.S., France, Germany, and Austria, emphasizing how they tried to live within the structure of a Marxist system and to remain alive and grow politically. Socialism, though, is likely to present fascist features. (TNM).
Book Synopsis The Nature and Essence of Economic Theory by : Joseph A. Schumpeter
Download or read book The Nature and Essence of Economic Theory written by Joseph A. Schumpeter and published by Routledge. This book was released on 2017-09-08 with total page 410 pages. Available in PDF, EPUB and Kindle. Book excerpt: Joseph A. Schumpeter was a monumental figure in the history and development of economics. This work brings together his brilliant lectures, delivered more than a century ago, in its first English-language paperback edition. Here, readers will discover Schumpeter's search for an economic science devoid of moral or political dogma. The Nature and Essence of Economic Theory works out what people should think of pure economics, what its nature is, what its methods and findings are, and where thought takes off from there. The book shows the limitations and weaknesses of nineteenth-century economics and how the field could be and was improved by establishing a fundamental differentiation between 'statistics' and 'dynamics'. To convey his arguments, Schumpeter uses certain axioms that form a consistent, self-contained system and show how sound economic science is based on facts and events rather than presuppositions or definitions. Schumpeter's larger aim, beyond a pedagogic tool, was to deduce changes in the market, trade, and exchange of goods and services. He defined the task of economy as the description of the system and its change tendencies. If that can be achieved unequivocally, without resorting to doctrine or dogma, then the field can be considered self-contained.
Book Synopsis The Nature and Essence of Economic Theory by : Joseph Alois Schumpeter
Download or read book The Nature and Essence of Economic Theory written by Joseph Alois Schumpeter and published by Transaction Publishers. This book was released on with total page 492 pages. Available in PDF, EPUB and Kindle. Book excerpt: The long paper which gives the title to this collection and which has never before been published as paperback was initially an attempt to promote international academic understanding. The Economics Department at the London School of Economics had arranged a colloquy between two groups of Russian and British economists; and where the author asked to contribute a general survey of the present state of economic theory as taught in Western centers. For reasons, which are explained in the opening section, the author decided to adopt an historical approach; and the notes on which the present paper is based were the result In addition to the major themes of his life---the place of the entrepreneur in economic development, the risks and rewards of innovation, business cycles and why they occur, and the evolution of capitalism in Europe and America---the essays contain statements on how Schumpeter viewed his own development. They discuss how he looked at Marxism, and how he feared that economics was in danger of becoming too ideological. Several of the essays are classics. In this new edition, Schumpeter's Essays can finally be read with the enjoyment and enlightenment they deserve. The volume is alive to the basic issues of our time. In this classical analysis of capitalist society, Schumpeter argues that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." His preface shows that despite weaknesses, theories are based on logic and provide structure for understanding fact. 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 of the twentieth century. In a tribute to Joseph A. Schumpeter, a great figure in the history and development of economics, this work brings together for publication his brilliantly crafted lectures delivered more than a century ago. In The Nature and Essence of Economic Theory, now available for the first time in the English language, the reader will find absolute dedication to the search for an economic science, apart from and in rejection of moral or political dogma. The Nature and Essence of Economic Theory works out what people should think of pure economics, what its nature is, what its methods and findings are, and where thought takes off from there. The book shows the limitations and weaknesses of nineteenth-century economics and how the field could be and was improved. To convey his arguments, Schumpeter uses certain axioms that form a consistent, self-contained system and show its value, and also how far a sound economics is based on facts and events rather than presuppositions or definitions. Schumpeter, along with others, introduced a fundamental differentiation between "statics" and "dynamics" in the economy. Schumpeter's larger aim, beyond a pedagogic tool, was to deduce changes of the events in the market, trade, and exchange of goods and services. He called his equilibrium model "explanation" in a world without undue surprises. He defined the task of economy as the description of the system and its change tendencies. If that can be achieved unequivocally, without resorting to doctrine or dogma, then the field can be considered self-contained.
Book Synopsis A History of Economic Thought by : Lionel Robbins
Download or read book A History of Economic Thought written by Lionel Robbins and published by . This book was released on 2000 with total page 375 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lionel Robbins's now famous lectures on the history of economic thought comprise one of the greatest accounts since World War II of the evolution of economic ideas. This volume represents the first time those lectures have been published. Lord Robbins (1898-1984) was a remarkably accomplished thinker, writer, and public figure. He made important contributions to economic theory, methodology, and policy analysis, directed the economic section of Winston Churchill's War Cabinet, and served as chairman of the Financial Times. As a historian of economic ideas, he ranks with Joseph Schumpeter and Jacob Viner as one of the foremost scholars of the century. These lectures, delivered at the London School of Economics between 1979 and 1981 and tape-recorded by Robbins's grandson, display his mastery of the intellectual history of economics, his infectious enthusiasm for the subject, and his eloquence and incisive wit. They cover a broad chronological range, beginning with Plato, Aristotle, and Aquinas, focusing extensively on Adam Smith, Thomas Malthus and the classicals, and finishing with a discussion of moderns and marginalists from Marx to Alfred Marshall. Robbins takes a varied and inclusive approach to intellectual history. As he says in his first lecture: "I shall go my own sweet way--sometimes talk about doctrine, sometimes talk about persons, sometimes talk about periods." The lectures are united by Robbins's conviction that it is impossible to understand adequately contemporary institutions and social sciences without understanding the ideas behind their development. Authoritative yet accessible, combining the immediacy of the spoken word with Robbins's exceptional talent for clear, well-organized exposition, this volume will be welcomed by anyone interested in the intellectual origins of the modern world.
