Joseph Schumpeter: the long run, and the short

William Baumol

Journal of Evolutionary Economics, 2015, vol. 25, issue 1, 37-43

Abstract: Despite the short-run elements in his work, Schumpeter succeeded in drawing economists back in the other direction. This paper examines Schumpeter’s formal, analytical micro-model of entrepreneurship and innovation, which laid the groundwork for a workable micro-model of the long-run growth process. Schumpeter’s enduring work continues to guide effective policy, though concern for the general welfare permits neither the long run nor the short run to be ignored. Copyright Springer-Verlag Berlin Heidelberg 2015

Keywords: Schumpeter; Entrepreneurship; Growth; Innovation; Long run; Short run; Policy; B21; B31; D6; L26; O31 (search for similar items in EconPapers)
Date: 2015
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Citations: View citations in EconPapers (4)

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DOI: 10.1007/s00191-013-0327-3

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