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Business Cycles, Growth and Economic Policy: Schumpeter and the Great Depression

Muriel Dal-Pont Legrand and Harald Hagemann
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Muriel Dal-Pont Legrand: GREDEG CNRS

Authors registered in the RePEc Author Service: Muriel DAL PONT LEGRAND

No 2016-16, GREDEG Working Papers from Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France

Abstract: Joseph A. Schumpeter’s theory of economic development analyzes how growth and cycle dynamics intertwine. The process of Creative Destruction plays an essential role in that dynamics: embodying a cleaning effect, it has a clear beneficial impact on long-run development. For that reason, and also for some of his famous (and provocative) non-interventionists statements, Schumpeter is generally interpreted as a pure liquidationist. This paper contests this rather simplistic view and shows that Schumpeter not only expressed much more nuanced positions as far as practical economic issues were concerned but also that his views on economic policy were rooted in his earlier contributions before the Great Depression, attesting to a stronger time-consistency of his contributions.

Keywords: Business cycles; growth; short run; long run; creative destruction; cleansing effect; productive recessions; economic policy; Schumpeter (search for similar items in EconPapers)
JEL-codes: B22 B31 (search for similar items in EconPapers)
Pages: 24 pages
Date: 2016-05, Revised 2016-07
New Economics Papers: this item is included in nep-fdg, nep-gro, nep-hpe and nep-sbm
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http://195.220.198.217/GREDEG-WP-2016-16.pdf Revised version, 2016-07 (application/pdf)

Related works:
Journal Article: BUSINESS CYCLES, GROWTH, AND ECONOMIC POLICY: SCHUMPETER AND THE GREAT DEPRESSION (2017) Downloads
Working Paper: Business cycles, growth and economic policy: Schumpeter and the Great Depression (2017)
Working Paper: Business cycles, growth and economic policy: Schumpeter and the Great Depression (2016)
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