Joseph Schumpeter and Modern Nonlinear Dynamics
AbstractThis paper explores the conceptual links between Joseph Schumpeterâ€™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 Schumpeterâ€™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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Bibliographic InfoPaper provided by EconWPA in its series Method and Hist of Econ Thought with number 0504001.
Length: 19 pages
Date of creation: 11 Apr 2005
Date of revision:
Note: Type of Document - pdf; pages: 19. Prepared for Vittorangelo Orati and Shri Dahiya (eds.), Economic Theory in the Light of Schumpeterâ€™s Scientific Heritage: Essays in Memory of Schumpeter on his 50th Death Anniversary, Spellbound Publications, Rohtak, 2001, pp. 187-196.
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Schumpeter; Austrian Economics; unstable dynamics; nonlinear dynamics;
Other versions of this item:
- William Barnett & Morgan Rose, 2012. "Joseph Schumpeter and Modern Nonlinear Dynamics," WORKING PAPERS SERIES IN THEORETICAL AND APPLIED ECONOMICS 201230, University of Kansas, Department of Economics, revised Sep 2012.
- D5 - Microeconomics - - General Equilibrium and Disequilibrium
This paper has been announced in the following NEP Reports:
- NEP-ALL-2005-04-16 (All new papers)
- NEP-HPE-2005-04-16 (History & Philosophy of Economics)
- NEP-MIC-2005-04-16 (Microeconomics)
- NEP-TID-2005-04-16 (Technology & Industrial Dynamics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- 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.
- William A. Barnett & Yijun He, 1999. "Stability Analysis of Continuous-Time Macroeconometric Systems," Studies in Nonlinear Dynamics & Econometrics, De Gruyter, vol. 3(4), pages 1.
- Grandmont, Jean-Michel, 1985. "On Endogenous Competitive Business Cycles," Econometrica, Econometric Society, vol. 53(5), pages 995-1045, September.
- 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.
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