Schumpeter and the essence of profit
AbstractSchumpeter had a clear vision of the developing economy, but he did not formalize it. The quest for a germane formal basis is in the following guided by the general question: what is the minimum set of foundational propositions for a consistent reconstruction of the evolving money economy? We start with three structural axioms. The claim of generality entails that it should be possible to free Schumpeter’s approach from its irksomeWalrasian legacy and to give a consistent formal account of the elementary circular flow that served him as a backdrop for the analysis of the entrepreneur-driven market system.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 31176.
Date of creation: 29 May 2011
Date of revision:
New framework of concepts; Structure-centric; Axiom set; Profit; Money; Credit; Structural stress; Catching-up process; Monopoly;
Find related papers by JEL classification:
- E25 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Aggregate Factor Income Distribution
- E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
- E10 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - General
- E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
This paper has been announced in the following NEP Reports:
- NEP-ALL-2011-06-04 (All new papers)
- NEP-HME-2011-06-04 (Heterodox Microeconomics)
- NEP-HPE-2011-06-04 (History & Philosophy of Economics)
- NEP-MAC-2011-06-04 (Macroeconomics)
- NEP-PKE-2011-06-04 (Post Keynesian Economics)
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