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The Contribution of Joseph Schumpeter to Economics: Economic Development and Institutional Change

The Contribution of Joseph Schumpeter to Economics: Economic Development and Institutional Change Book Reviews that the analysis of the economic process in theoretical time provides a framework to interpret the sequence of events in historical time on the presumption of a particular institutional and sociological background. It is further suggested that business cycles provide a broad framework for the institutional interpretation, in which economic sociology or the analysis of institutions is an intermediary between theory and history. Against the time framework of business cycles, the component topics of the institutional interpretation are discussed in detail in part 3 on economic development, in part 4 on entrepreneurship, and in part 5 on money. As is well known, Schumpeter’s theory of economic development has three key notions: innovation, entrepreneurship, and bank credit. It is remarkable that the implications of these notions are successively challenged by the contributors from the common perspective of economic sociology and analyzed to unravel the institutional background of economic development, albeit at a cost of some repetition. The major consequences are that innovation interacts with institutional and sociological factors; that entrepreneurship is a specific form of social leadership applied to the economic domain; and that money is an institution. Through the multifaceted analyses of the key notions, this http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png History of Political Economy Duke University Press

The Contribution of Joseph Schumpeter to Economics: Economic Development and Institutional Change

History of Political Economy , Volume 35 (3) – Sep 1, 2003

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Publisher
Duke University Press
Copyright
Copyright 2003 by Duke University Press
ISSN
0018-2702
eISSN
1527-1919
DOI
10.1215/00182702-35-3-604
Publisher site
See Article on Publisher Site

Abstract

Book Reviews that the analysis of the economic process in theoretical time provides a framework to interpret the sequence of events in historical time on the presumption of a particular institutional and sociological background. It is further suggested that business cycles provide a broad framework for the institutional interpretation, in which economic sociology or the analysis of institutions is an intermediary between theory and history. Against the time framework of business cycles, the component topics of the institutional interpretation are discussed in detail in part 3 on economic development, in part 4 on entrepreneurship, and in part 5 on money. As is well known, Schumpeter’s theory of economic development has three key notions: innovation, entrepreneurship, and bank credit. It is remarkable that the implications of these notions are successively challenged by the contributors from the common perspective of economic sociology and analyzed to unravel the institutional background of economic development, albeit at a cost of some repetition. The major consequences are that innovation interacts with institutional and sociological factors; that entrepreneurship is a specific form of social leadership applied to the economic domain; and that money is an institution. Through the multifaceted analyses of the key notions, this

Journal

History of Political EconomyDuke University Press

Published: Sep 1, 2003

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