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Schumpeter’s new combinations

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  • Heinz Kurz

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Abstract

The paper focuses attention on Schumpeter’s achievements in his classic contribution and how these relate to the contributions of other major authors. While deeply indebted to Marx’s vision of capitalism as a system incessantly in travail, Schumpeter was no ‘Marxist’. He shared Böhm’s view that profits are not due to ‘exploitation’, but thought that the latter’s attack on Marx was a failure. There are remarkable differences, but also similarities between the analyses of Schumpeter and Keynes. Marx, Schumpeter and Keynes rejected Say’s law and other basic ideas constituting the marginalist doctrine. They saw capitalism as a restless, crisis-prone system. Copyright Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Heinz Kurz, 2012. "Schumpeter’s new combinations," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 871-899, November.
  • Handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:871-899
    DOI: 10.1007/s00191-012-0295-z
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    File URL: http://hdl.handle.net/10.1007/s00191-012-0295-z
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    References listed on IDEAS

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    1. Nathan Rosenberg, 2011. "Was Schumpeter a Marxist?," Industrial and Corporate Change, Oxford University Press, vol. 20(4), pages 1215-1222, August.
    2. Kurz,Heinz D. & Salvadori,Neri, 1997. "Theory of Production," Cambridge Books, Cambridge University Press, number 9780521588676, March.
    3. Martin L. Weitzman, 1998. "Recombinant Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 113(2), pages 331-360.
    4. Panayotis G. Michaelides & John G. Milios, 2009. "Joseph Schumpeter and the German Historical School," Cambridge Journal of Economics, Oxford University Press, vol. 33(3), pages 495-516, May.
    5. Richard N. Langlois, 2002. "Schumpeter and the Obsolescence of the Entrepreneur," Working papers 2002-19, University of Connecticut, Department of Economics.
    6. Markus C. Becker & Thorbj¯rn Knudsen, 2002. "Schumpeter 1911: Farsighted Visions on Economic Development," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 387-403, April.
    7. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    8. Young, Allyn A., 1928. "Increasing Returns and Economic Progress," History of Economic Thought Articles, McMaster University Archive for the History of Economic Thought, vol. 38, pages 527-542.
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    More about this item

    Keywords

    Innovation; Keynes; John Maynard; Marx; Karl; Schumpeter; Joseph; Economic dynamics; B10; B15; B31; D33; E12; E22; O31; O33;

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • D33 - Microeconomics - - Distribution - - - Factor Income Distribution
    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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