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Schumpeter’s Theory of Economic Development: 100 years of development

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  • Markus Becker

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  • Thorbjørn Knudsen
  • Richard Swedberg
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    Abstract

    This article sheds light on the impact of Schumpeter’s Theory of Economic Development over the last 100 years, and identifies insights from that work that are less well-known, but that have the potential for informing current developments in evolutionary economics. We identify these insights by tracing the development of Schumpeter’s ideas in Theory of Economic Development, which he revised heavily between the first and second German and the English editions. We not only report material lost in the process and developments in Schumpeter’s thinking that can be read off of the revisions, but also indicate how the newfound material can inform and inspire evolutionary economics today. Copyright Springer-Verlag Berlin Heidelberg 2012

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    File URL: http://hdl.handle.net/10.1007/s00191-012-0297-x
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Evolutionary Economics.

    Volume (Year): 22 (2012)
    Issue (Month): 5 (November)
    Pages: 917-933

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    Handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:917-933

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    Related research

    Keywords: Joseph A. Schumpeter; Theory of Economic Development; Evolutionary economics; Entrepreneur; Entrepreneurship; Variation; Selection; Retention; B15; B25; B31; B52;

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    1. Markus C. Becker & Thorbj¯rn Knudsen, 2002. "Schumpeter 1911: Farsighted Visions on Economic Development," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 387-403, 04.
    2. Giersch, Herbert, 1984. "The Age of Schumpeter," American Economic Review, American Economic Association, vol. 74(2), pages 103-09, May.
    3. Nelson, Richard R & Winter, Sidney G, 1973. "Toward an Evolutionary Theory of Economic Capabilities," American Economic Review, American Economic Association, vol. 63(2), pages 440-49, May.
    4. Lee Fleming, 2001. "Recombinant Uncertainty in Technological Search," Management Science, INFORMS, vol. 47(1), pages 117-132, January.
    5. Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340, November.
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