Schumpeterian micro-economics, international trade and macroeconomic policy

Jan Wengel and Lorena Salgado Pinzón

No 7753, Documentos de Economía from Universidad Javeriana - Bogotá

Abstract: Macroeconomic policy could be much improved if we had a better understanding of the working of the capitalist mechanism. Schumpeter - along with many other economists of the Austrian School - warned the Neoclassical School that the premise on which they were building their models, diminishing returns, was not supported by the evidence. Schumpeter held that with the industrial revolution, increasing rather than decreasing returns were the rule. Schumpeter demonstrated the importance of economies of scale by tracing the trajectories of enterprises in five industries - textiles, railroads, steel, automobiles and electric power - in three countries- The US, Germany and the UK. His main conclusion is that creative destruction is the engine of capitalism.

Pages: 34
Date: 2009-05-05
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