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Was Schumpeter Right after All?

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  • Robert Heilbroner
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    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

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.3.87
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 7 (1993)
    Issue (Month): 3 (Summer)
    Pages: 87-96

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    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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    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 1097-114, September.
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    Cited by:
    1. Randall Wray, 1993. "Government Deficits, Liquidity Preference, and Schumpeterian Innovation," Economics Working Paper Archive wp_99, Levy Economics Institute.
    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. 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 56, March.

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