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Schumpeter’s Theory of Economic Development: 100 years of development

Author

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  • Markus Becker

    ()

  • Thorbjørn Knudsen
  • Richard Swedberg

Abstract

This article sheds light on the impact of Schumpeter’s Theory of Economic Development over the last 100 years, and identifies insights from that work that are less well-known, but that have the potential for informing current developments in evolutionary economics. We identify these insights by tracing the development of Schumpeter’s ideas in Theory of Economic Development, which he revised heavily between the first and second German and the English editions. We not only report material lost in the process and developments in Schumpeter’s thinking that can be read off of the revisions, but also indicate how the newfound material can inform and inspire evolutionary economics today. Copyright Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Markus Becker & Thorbjørn Knudsen & Richard Swedberg, 2012. "Schumpeter’s Theory of Economic Development: 100 years of development," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 917-933, November.
  • Handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:917-933
    DOI: 10.1007/s00191-012-0297-x
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    File URL: http://hdl.handle.net/10.1007/s00191-012-0297-x
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    References listed on IDEAS

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    1. Nelson, Richard R & Winter, Sidney G, 1973. "Toward an Evolutionary Theory of Economic Capabilities," American Economic Review, American Economic Association, vol. 63(2), pages 440-449, May.
    2. Shionoya,Yuichi, 1997. "Schumpeter and the Idea of Social Science," Cambridge Books, Cambridge University Press, number 9780521430340, May.
    3. 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.
    4. Giersch, Herbert, 1984. "The Age of Schumpeter," American Economic Review, American Economic Association, vol. 74(2), pages 103-109, May.
    5. Lee Fleming, 2001. "Recombinant Uncertainty in Technological Search," Management Science, INFORMS, vol. 47(1), pages 117-132, January.
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    Citations

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    Cited by:

    1. Carolina Castaldi & Koen Frenken & Bart Los, 2015. "Related Variety, Unrelated Variety and Technological Breakthroughs: An analysis of US State-Level Patenting," Regional Studies, Taylor & Francis Journals, vol. 49(5), pages 767-781, May.
    2. Markus C. Becker & Thorbjørn Knudsen, 2017. "Heterogeneity of habits as a foundation for Schumpeterian economic policy," Journal of Evolutionary Economics, Springer, vol. 27(1), pages 43-62, January.
    3. repec:spr:scient:v:114:y:2018:i:2:d:10.1007_s11192-017-2620-7 is not listed on IDEAS

    More about this item

    Keywords

    Joseph A. Schumpeter; Theory of Economic Development; Evolutionary economics; Entrepreneur; Entrepreneurship; Variation; Selection; Retention; B15; B25; B31; B52;

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary

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