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Business Cycles, Growth, And Economic Policy: Schumpeter And The Great Depression

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  • Dal Pont Legrand, Muriel
  • Hagemann, Harald

Abstract

Joseph A. Schumpeter’s theory of economic development analyzes how growth and cycle dynamics intertwine. The process of creative destruction plays an essential role in those dynamics: embodying a cleansing effect, it has a clear, beneficial impact on long-run development. For that reason, and also for some of his famous (and provocative) non-interventionist statements, Schumpeter is generally interpreted as a pure liquidationist. This paper contests this rather simplistic view and shows that Schumpeter not only expressed much more nuanced positions as far as practical economic issues were concerned, but also that his views on economic policy were rooted in his earlier contributions before the Great Depression, attesting that Schumpeter’s view on economic policy was consistent over time.

Suggested Citation

  • Dal Pont Legrand, Muriel & Hagemann, Harald, 2017. "Business Cycles, Growth, And Economic Policy: Schumpeter And The Great Depression," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(1), pages 19-33, March.
    • Handle: RePEc:cup:jhisec:v:39:y:2017:i:01:p:19-33_00
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    Cited by:

    1. Farrell, Katharine N. & Löw Beer, David, 2019. "Producing the ecological economy: A study in developing fiduciary principles supporting the application of flow-fund consistent investment criteria for sovereign wealth funds," Ecological Economics, Elsevier, vol. 165(C), pages 1-1.
    2. Roger Tsafack Nanfosso & Juliana Hadjitchoneva, 2022. "Economic theory facing COVID-19: From Joseph Schumpeter to Robert Solow," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 54-74.
    3. Michaël Assous & Vincent Carret, 2020. "Jan Tinbergen's early contribution to macrodynamics (1932-1936): multiple equilibria, complete collapse and the Great Depression," Working Papers halshs-03087375, HAL.
    4. Turan Yay, 2021. "Method and scope in Joseph A. Schumpeter's economics: a pluralist perspective," The Journal of Philosophical Economics, Bucharest Academy of Economic Studies, The Journal of Philosophical Economics, vol. 14(1-2), pages 63-107, November.
    5. Turan Yay, 2021. "Method and scope in Joseph A. Schumpeter's economics: a pluralist perspective," Post-Print hal-03374881, HAL.
    6. Feld, Lars P. & Köhler, Ekkehard A. & Nientiedt, Daniel, 2021. "The German Anti-Keynes? On Walter Eucken’S Macroeconomics," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(4), pages 548-563, December.

    More about this item

    JEL classification:

    • B22 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Macroeconomics
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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