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Financing economic activity: Schumpeter vs Keynes

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Author Info

  • Eric Nasica

    ()
    (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS : UMR6227 - Université de Nice Sophia-Antipolis)

Abstract

In this paper I compare Schumpeter's and Keynes' views on the financing of economic activity. As will be seen, both economists share common ideas about the working and financing of market economies. In particular, both Keynes and Schumpeter reject the classical notions of the neutrality of money and the dichotomy of the real and the monetary sector, emphasising instead the role of monetary and financial variables in their respective explanations of economic fluctuations (section 1). However, the two approaches also display significant differences, most notably with regard to the importance attributed to specific financial variables and institutions for the financing of economic activity. Section 2 examines these differences and emphasises the originality of Schumpeter's analysis of banking.

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Bibliographic Info

Paper provided by HAL in its series Post-Print with number halshs-00468593.

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Date of creation: 2002
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Publication status: Published, The Contribution of Joseph Schumpeter to Economics, Routledge (Ed.), 2002, 241-256
Handle: RePEc:hal:journl:halshs-00468593

Note: View the original document on HAL open archive server: http://halshs.archives-ouvertes.fr/halshs-00468593/en/
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Keywords: Keynes; Schumpeter; banks; money;

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Cited by:
  1. Agnes Festre & Eric Nasica, 2009. "Schumpeter on money, banking and finance: an institutionalist perspective," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 16(2), pages 325-356.

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