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The beat of the economic heart

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  • Heinz Kurz

Abstract

The paper discusses the silimar, but in some respects different explanations of business cycles by Schumpeter and Arthur Spiethoff, his elderly friend and colleague. Spiethoff brought Schumpeter back into academics after the latter’s not very successful careers as a politician and a banker. Both insisted that cycles are endogenous and cannot possibly be eliminated without eliminating the dynamismof the capitalist economy. They thought that theoretical and historical studies were not mutually exclusive, but complementary. The gulf separating pure theory and historical studies since the so-called Methodenstreit was detrimental to the development of economics. Copyright Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • Heinz Kurz, 2015. "The beat of the economic heart," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 147-162, January.
    • Handle: RePEc:spr:joevec:v:25:y:2015:i:1:p:147-162
    DOI: 10.1007/s00191-013-0329-1
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    References listed on IDEAS

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    1. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    2. Harald Hagemann & Heinz D. Kurz (ed.), 1998. "Political Economics in Retrospect," Books, Edward Elgar Publishing, number 761.
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    Cited by:

    1. Dieter Bögenhold, 2018. "Schumpeter’s Split Between “Pure” Economics and Institutional Economics: Why Methodological Individualism Was Not Fully Considered," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 24(3), pages 253-264, August.

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    More about this item

    Keywords

    Business cycle; Creative destruction; Economic development; Economic dynamics; Innovation; Historical School; Schumpeter; Joseph; Spiethoff; Arthur; B10; B15; B31; D33; E12; E22; O31; O33;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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