Joseph Schumpeter and Modern Nonlinear Dynamics

William Barnett and Morgan Rose

No 201230, WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS from University of Kansas, Department of Economics

Abstract: This paper explores the conceptual links between Joseph Schumpeterís theory of instability under capitalism and both theoretical and empirical research that has been done over the past fifteen years in nonlinear dynamics. Recent work related to chaos and bifurcation theory is shown to be consistent with Schumpeterís view that instability is an inherent feature of capitalism, and that there is a positive, though difficult, role for stabilization policy as a result. The strong claim that modern research has proven Schumpeter correct is not made, but rather that existing recent research is not inconsistent with his views.

Pages: 19 pages
Date: 2012-09, Revised 2012-09
New Economics Papers: this item is included in nep-hpe
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Working Paper: Joseph Schumpeter and Modern Nonlinear Dynamics (2005)
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