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The Theory of Economic Development of J.A. Schumpeter: Key Features

Iurii Bazhal

MPRA Paper from University Library of Munich, Germany

Abstract: This paper comprises translation into English the preface of Iurii Bazhal to the first Ukrainian edition of Joseph Schumpeter’s famous fundamental book “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle” that was translated in Ukrainian and published in 2011 in commemoration of its 100th anniversary. The paper reveals the contemporary significance of this classical book as the challenger on replacing the neoclassical approaches in capacity to become the mainstream of modern economic theory. It is shown the Schumpeter’s approach gives a new vision of driving forces for economic development where a crucial conceptual place belongs to category the innovation. Second part of the paper reviews modern Neo-Schumpeterian approaches which have substantiated the importance of the structural innovation technological change of national economy for economic development. The government must permanently analyze a compliance of the actual production structure in the country with the current and future technological paradigms.

Keywords: Schumpeter; Dynamics of economic development; Innovation theory; Technological paradigm; Innovation policy (search for similar items in EconPapers)
JEL-codes: B31 O11 O30 O40 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-his, nep-hme, nep-hpe, nep-ino and nep-pke
Date: 2016-02-25, Revised 2016-02-25
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Citations: View citations in EconPapers (3) Track citations by RSS feed

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