Schumpeter, Hegel and the vision of development

Renee Prendergast

Cambridge Journal of Economics, 2006, vol. 30, issue 2, 253-275

Abstract: This paper suggests that the intellectual origins of the vision underlying Schumpeter's evolving theory of economic development can in significant measure be traced to Hegel. Like Hegel, Schumpeter identified two essential moments in history--the preservation of the existing order or 'circular flow', on the one hand, and its destruction and replacement by a new order or 'development', on the other. Like Hegel, Schumpeter saw change being effected by individuals who grasped what was essentially new and developing in the particular historical circumstances of their own age. Copyright 2006, Oxford University Press.

Date: 2006
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