Joseph A. Schumpeter (1883–1950): Money as an Endogenous Token

Jan Greitens ()
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Jan Greitens: Johann Wolfgang Goethe-Universität

Chapter Chapter 27 in Currency and Credit Money, 2026, pp 263-277 from Springer

Abstract: Abstract This chapter examines Schumpeter’s eclectic monetary theory, integrating Quantity Theory and Income Theory of Money. He defines money as an accounting token representing claims on social production and emphasizes its role within circular flow. Schumpeter distinguishes between productive and unproductive credit creation, highlighting the role of banks in financing economic development. He introduces the concept of “forced saving” and analyzes the dynamic interaction between money, credit, and growth. This chapter positions Schumpeter as a synthesizer of earlier theories, offering a comprehensive framework for understanding money in a dynamic economy.

Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:spshcp:978-3-032-24113-9_27

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DOI: 10.1007/978-3-032-24113-9_27

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