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Joseph Schumpeter and Modern Nonlinear Dynamics

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  • William Barnett

    (University of Kansas)

  • Morgan Rose

    (Washington University)

Abstract

This paper explores the conceptual links between Joseph Schumpeter’s theory of instability under capitalism and both theoretical and empirical research that has been done over the past fifteen years in nonlinear dynamics. Recent work related to chaos and bifurcation theory is shown to be consistent with Schumpeter’s view that instability is an inherent feature of capitalism, and that there is a positive, though difficult, role for stabilization policy as a result. The strong claim that modern research has proven Schumpeter correct is not made, but rather that existing recent research is not inconsistent with his views.

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File URL: http://128.118.178.162/eps/mhet/papers/0504/0504001.pdf
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Bibliographic Info

Paper provided by EconWPA in its series Method and Hist of Econ Thought with number 0504001.

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Length: 19 pages
Date of creation: 11 Apr 2005
Date of revision:
Handle: RePEc:wpa:wuwpmh:0504001

Note: Type of Document - pdf; pages: 19. Prepared for Vittorangelo Orati and Shri Dahiya (eds.), Economic Theory in the Light of Schumpeter’s Scientific Heritage: Essays in Memory of Schumpeter on his 50th Death Anniversary, Spellbound Publications, Rohtak, 2001, pp. 187-196.
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Web page: http://128.118.178.162

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Keywords: Schumpeter; Austrian Economics; unstable dynamics; nonlinear dynamics;

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  1. Bergstrom, A. R. & Nowman, K. B. & Wandasiewicz, S., 1994. "Monetary and fiscal policy in a second-order continuous time macroeconometric model of the United Kingdom," Journal of Economic Dynamics and Control, Elsevier, vol. 18(3-4), pages 731-761.
  2. Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
  3. Barnett William A. & He Yijun, 1999. "Stability Analysis of Continuous-Time Macroeconometric Systems," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 3(4), pages 1-22, January.
  4. Bergstrom, A. R. & Nowman, K. B. & Wymer, C. R., 1992. "Gaussian estimation of a second order continuous time macroeconometric model of the UK," Economic Modelling, Elsevier, vol. 9(4), pages 313-351, October.
  5. Bohm, Volker & Kaas, Leo, 2000. "Differential savings, factor shares, and endogenous growth cycles," Journal of Economic Dynamics and Control, Elsevier, vol. 24(5-7), pages 965-980, June.
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