IDEAS home Printed from https://ideas.repec.org/a/spr/joevec/v22y2012i5p901-916.html
   My bibliography  Save this article

Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing

Author

Listed:
  • Richard Nelson

    ()

Abstract

While Schumpeter’s broad theory of how capitalist economies worked articulated in his Theory of Economic Development received strong attention in his lifetime, it was neoclassical economic theory that took hold of the profession in the last half of the twentieth century, and today few economists even read Schumpeter. The first part of this essay considers the reasons why Schumpeter largely has been ignored. However, recent developments have increased the interests of economists in innovation and in innovation driven economic activity, and the time now may be ripe for a renaissance of Schumpeterian economics. The second part of this essay provides a sketch of what an economics text-book, written from a Schumpeterian perspective, might look like. Copyright Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Richard Nelson, 2012. "Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 901-916, November.
  • Handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:901-916
    DOI: 10.1007/s00191-012-0296-y
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1007/s00191-012-0296-y
    Download Restriction: Access to full text is restricted to subscribers.

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.
    2. Nelson, Richard R., 2003. "On the uneven evolution of human know-how," Research Policy, Elsevier, vol. 32(6), pages 909-922, June.
    3. Nelson, Richard R, 1998. "The Agenda for Growth Theory: A Different Point of View," Cambridge Journal of Economics, Oxford University Press, vol. 22(4), pages 497-520, July.
    4. Nelson, Richard R. & Sampat, Bhaven N., 2001. "Making sense of institutions as a factor shaping economic performance," Journal of Economic Behavior & Organization, Elsevier, vol. 44(1), pages 31-54, January.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Johnson, Dominic D.P. & Price, Michael E. & Van Vugt, Mark, 2013. "Darwin's invisible hand: Market competition, evolution and the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 90(S), pages 128-140.
    2. Richard R. Nelson, 2016. "Behavior and cognition of economic actors in evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 737-751, October.
    3. Frolov, Daniil & Lavrentyeva, Anna, 2014. "Metaphors and Analogies in Institutional Economic Theory," MPRA Paper 55011, University Library of Munich, Germany.
    4. Sidney G. Winter, 2016. "Pursuing the Evolutionary Agenda in Economics and Management Research," LEM Papers Series 2016/22, Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy.

    More about this item

    Keywords

    Schumpeter; Innovation; Creative destruction; Evolutionary economics; B52; D01;

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:901-916. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Sonal Shukla) or (Rebekah McClure). General contact details of provider: http://www.springer.com .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.