 The Age of Innovation: More Schumpeter than KeynesManuel Santos Redondo ()
Chapter Chapter 8 in Science, Technology and Innovation in the History of Economic Thought, 2023, pp 159-177 from Palgrave Macmillan Abstract: Abstract Schumpeter considered “creative destruction” the main force of economic progress. During his life, he kept the essential of this idea, but emphasis changed from individual entrepreneurs to big business or even states. In Schumpeter’s time, unemployment and the Great Depression were at the center of the stage. He was on the conservative, “liquidationist” side, which was run over both by the Keynesian revolution and by the Chicago school. But after the economic shocks of the 1970s, technological and organizational innovation proved the key for economic growth and competitiveness in modern economy. Economists from “New-Growth Theory” and “Evolutionary Economics,” working within the neoclassical framework or trying to substitute it, became inspired by Schumpeter’s work and developed it in several ways. As economics moved from short-run economic fluctuations to economic growth, Schumpeter’s influence and fame grew, and the last quarter of the twentieth century can be rightly named the age of Schumpeter. Date: 2023 There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:pshchp:978-3-031-40139-8_8 Ordering information: This item can be ordered from DOI: 10.1007/978-3-031-40139-8_8 Access Statistics for this chapter More chapters in Palgrave Studies in the History of Economic Thought from Palgrave Macmillan |
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