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Was Schumpeter Right after All?

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  • Robert Heilbroner

Abstract

In Capitalism, Socialism, and Democracy (1947) Schumpeter asks "Can capitalism survive?" He answers: "No. I do not think it can." In an essay I wrote in 1981 entitled "Was Schumpeter Right?" I began with the words: "No. I do not think he was." Now, over a decade later, I wish to reconsider the question of whether Schumpeter was right, from a somewhat different point of view. To the question "Was Schumpeter Right?" I now give two answers. Was he right in his analysis of the prospects for capitalism? No, I still do not think he was. But was he right in his approach to the question of economic inquiry itself, an approach that recognized the presence of Vision as the precursor to Analysis? Yes, there I believe that he was not only right, but even more right than he himself realized

Suggested Citation

  • Robert Heilbroner, 1993. "Was Schumpeter Right after All?," Journal of Economic Perspectives, American Economic Association, vol. 7(3), pages 87-96, Summer.
    • Handle: RePEc:aea:jecper:v:7:y:1993:i:3:p:87-96
    Note: DOI: 10.1257/jep.7.3.87
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.3.87
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    References listed on IDEAS

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    1. Heilbroner, Robert, 1990. "Analysis and Vision in the History of Modern Economic Thought," Journal of Economic Literature, American Economic Association, vol. 28(3), pages 1097-1114, September.
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    Cited by:

    1. Remy Guichardaz & Julien Pénin, 2021. "Entrepreneurs “from within”? Schumpeter and the challenge of endogenizing novelty," Working Papers of BETA 2021-41, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    2. M Forstater, 2005. "In Memoriam: Robert L Heilbrone- the continuing relevance of the Worldly Philosophy," Economic Issues Journal Articles, Economic Issues, vol. 10(1), pages 59-66, March.
    3. Randall Wray, 1993. "Government Deficits, Liquidity Preference, and Schumpeterian Innovation," Economics Working Paper Archive wp_99, Levy Economics Institute.
    4. Daniyal Khan, 2014. "Economics as a Science, Economics as a Vocation: A Weberian Examination of Robert Heilbroner's Philosophy of Economics," Economic Thought, World Economics Association, vol. 3(1), pages 1-56, March.
    5. Fabio Masini, 2013. "Facts, Theories, and Policies in the History of Economics. An Introductory Note," HISTORY OF ECONOMIC THOUGHT AND POLICY, FrancoAngeli Editore, vol. 2013(1), pages 5-16.

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    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology

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