Joseph Schumpeter and Modern Nonlinear Dynamics
William Barnett () and
Morgan Rose ()
Method and Hist of Econ Thought from University Library of Munich, Germany
This paper explores the conceptual links between Joseph Schumpeterâ€™s theory of instability under capitalism and both theoretical and empirical research that has been done over the past fifteen years in nonlinear dynamics. Recent work related to chaos and bifurcation theory is shown to be consistent with Schumpeterâ€™s view that instability is an inherent feature of capitalism, and that there is a positive, though difficult, role for stabilization policy as a result. The strong claim that modern research has proven Schumpeter correct is not made, but rather that existing recent research is not inconsistent with his views.
Keywords: Schumpeter; Austrian Economics; unstable dynamics; nonlinear dynamics (search for similar items in EconPapers)
JEL-codes: D5 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-mic and nep-tid
Note: Type of Document - pdf; pages: 19. Prepared for Vittorangelo Orati and Shri Dahiya (eds.), Economic Theory in the Light of Schumpeterâ€™s Scientific Heritage: Essays in Memory of Schumpeter on his 50th Death Anniversary, Spellbound Publications, Rohtak, 2001, pp. 187-196.
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Working Paper: Joseph Schumpeter and Modern Nonlinear Dynamics (2012)
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Persistent link: https://EconPapers.repec.org/RePEc:wpa:wuwpmh:0504001
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