The Relationship Between Saving and Credit from a Schumpeterian Perspective

Giancarlo Bertocco

Journal of Economic Issues, 2009, vol. 43, issue 3, 607-640

Abstract: Mainstream economic theory underlines the close relation between saving decisions and credit supply: the saving decisions determine the credit supply and thus the investment flow carried out by all firms. This paper has two objectives: 1) to highlight the theoretical limits of this causal sequence on the basis of the arguments developed by Schumpeter, who instead maintains that in a capitalist economy the credit supply and investment decisions are independent of saving decisions; and 2) to show that Schumpeter's analysis provides many arguments that make it possible to justify the importance of the elements that characterize the institutional-evolutionary approach.

Date: 2009
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Working Paper: The relationship between saving and credit from a Schumpeterian perspective (2007)
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DOI: 10.2753/JEI0021-3624430303

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