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Convergences with Schumpeter: An essay Hirschman has yet to write


  • Peter Wynarczyk

    () (Division of Economics, University of Northumbria at Newcastle, Newcastle upon Tyne, NE1 8ST, UK)


The paper explores the contributions of Joseph Schumpeter and Albert Hirschman to our understanding of the dynamics of modern democratic capitalist economies and suggests that much of their respective work displays intellectual overlap and complementarity. It is primarily focused upon the role of economic and political processes as forces of change and adjustment and the necessary degree of built-in inertia required to permit orderly rather than chaotic responses.

Suggested Citation

  • Peter Wynarczyk, 2000. "Convergences with Schumpeter: An essay Hirschman has yet to write," Journal of Evolutionary Economics, Springer, vol. 10(3), pages 329-341.
  • Handle: RePEc:spr:joevec:v:10:y:2000:i:3:p:329-341

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    More about this item


    Schumpeterian themes and commonalities - Production - Consumption - Endogenous dynamics - Inertia - Capitalism; socialism and democracy;

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
    • A14 - General Economics and Teaching - - General Economics - - - Sociology of Economics
    • B3 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals
    • D72 - Microeconomics - - Analysis of Collective Decision-Making - - - Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior
    • P1 - Economic Systems - - Capitalist Systems
    • P3 - Economic Systems - - Socialist Institutions and Their Transitions


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