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 - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (1965 - 2019) - CNRS - Centre National de la Recherche Scientifique - UniCA - Université Côte d'Azur
Authors registered in the RePEc Author Service: Muriel DAL PONT LEGRAND

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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 that Schumpeter's view on economic policy was consistent over time.

Keywords: business cycles; growth; short run; long run; creative destruction; cleansing effect; productive recessions; economic policy; Schumpeter (search for similar items in EconPapers)
Date: 2017-03-01
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Published in Journal of the History of Economic Thought, 2017, Combining short –run and long-run analysis: some historical perspectives, 2

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Related works:
Journal Article: 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)
Working Paper: Business cycles, growth and economic policy: Schumpeter and the Great Depression (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:halshs-01358470

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