Joseph Schumpeter and Modern Nonlinear Dynamics

William Barnett () and Morgan Rose
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Morgan Rose: Washington University

Method and Hist of Econ Thought from EconWPA

Abstract: This paper explores the conceptual links between Joseph Schumpeter’s 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 Schumpeter’s 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.

Keywords: Schumpeter; Austrian Economics; unstable dynamics; nonlinear dynamics (search for similar items in EconPapers)
JEL-codes: D5 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-mic and nep-tid
Date: 2005-04-11
Note: Type of Document - pdf; pages: 19. Prepared for Vittorangelo Orati and Shri Dahiya (eds.), Economic Theory in the Light of Schumpeter’s Scientific Heritage: Essays in Memory of Schumpeter on his 50th Death Anniversary, Spellbound Publications, Rohtak, 2001, pp. 187-196.
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