Joseph Shumpeter and Dynamic Economic Change: Capitalism as Creative Destruction Laurence S. Moss

ISBN: 9780786169290

Published: April 1st 2006

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Joseph Shumpeter and Dynamic Economic Change: Capitalism as Creative Destruction  by  Laurence S. Moss

Joseph Shumpeter and Dynamic Economic Change: Capitalism as Creative Destruction by Laurence S. Moss
April 1st 2006 | Audio CD | PDF, EPUB, FB2, DjVu, audiobook, mp3, RTF | 0 pages | ISBN: 9780786169290 | 7.13 Mb

Joseph Schumpeter (1883-1950) viewed capitalism as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange- Schumpeter called this the “circular flow.” Entrepreneurs interrupt this circular flow with new ideas and visions about the economic future, recombining existing resources to create new and more valuable products and services.

Schumpeter called capitalism a process of “creative destruction” because it overthrows old routines and methods of production. But he recognized that this process is unstable, and therefore unsettling, for those who have become accustomed to established ways. Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism in the twentieth century.



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