Finance and the Real Economy Out of Equilibrium

Mario Amendola and Jean-Luc Gaffard
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Mario Amendola: University of Roma La Sapienza

A chapter in Schumpeterian Legacy in Modern Times, 2026, pp 333-347 from Springer

Abstract: Abstract As Schumpeter pointed out, growth proceeds from development understood as qualitative change and follows a process of creative destruction. This involves pointing out on two realities: the irreversibility of investments in physical and human capital, on the one hand, and uncertainty about future technologies and preferences, on the other, which imply abandoning the equilibrium theory and paving the way for an analysis that requires recognizing the essential dimension of time. In this perspective, money and finance play an active role, depending on whether they finance productive investments and innovation or the purchase of unproductive assets. This trade-off is part of a profound revision of economic policies and corporate governance, which must ensure the viability of the economy by favoring gradual adjustments to structural changes, today both technological, ecological, and geopolitical changes.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:eccchp:978-3-032-26294-3_18

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DOI: 10.1007/978-3-032-26294-3_18

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