REVIEW OF THE THEORY OF ECONOMIC DEVELOPMENT: SOME SHUMPETRIAN INSIGHTS

Krume Nikoloski
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Krume Nikoloski: GOCE DELCHEV UNIVERSITY - STIP, REPUBLIC OF MACEDONIA

Annals - Economy Series, 2016, vol. 6, 93-99

Abstract: In this paper theory of economic development of economic thinker Schumpeter is going to be refined and analyzed. In order to get begin the process of economic development, Schumpeter believes that he need an approach to innovation and changes. According to him, entrepreneurs are the central figure in the economic development dynamics. In terms of scientific thought about innovation, Schumpeter also builds a theory of business cycles in capitalism, which is known as the innovative theory of cycles. Namely, Schumpeter has a special place in the development of economic thought. Among economists there is no single view of his work. For example, US economist Schumpeter Haberler says is closer to Marx than to any others economists, others considered him as a neomarginalist, third of economist who does not belong to any direction of economic thought. In this paper, hypothesis related to the main features of Schumpeter’s theory of economic development are as follows: circular flow; innovation and the role of entrepreneur; business cycles; end of capitalism.

Keywords: theory of economic development; innovations; entrepreneur; business cycles; capitalism. (search for similar items in EconPapers)
Date: 2016
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Persistent link: https://EconPapers.repec.org/RePEc:cbu:jrnlec:y:2016:v:6:p:93-99

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