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Joseph Schumpeter and John Kenneth Galbraith: two sides of the same coin?

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  • David Audretsch

Abstract

Joseph Schumpeter and John Kenneth Galbraith were two of the most influential scholars of the previous century addressing the most fundamental questions confronting society—what is the nature of economy and how is it shaping society? At the heart of their work was a concern about the gap between what they perceived to be the standard models in economics and the evolution of the actual economy. In particular, this meant abandoning the standard models of neoclassical economics and instead focusing on what both perceived to be an evolution towards a more managed economy. The purpose of this paper is to explain the relationship between the works of Schumpeter and Galbraith. Perhaps one of the enduring lessons that bonded Schumpeter and Galbraith is their keen focus on how the economy was evolving over time, and with it, the institutional landscape, that carried with it huge implications for public policy. Copyright Springer-Verlag Berlin Heidelberg 2015

Suggested Citation

  • David Audretsch, 2015. "Joseph Schumpeter and John Kenneth Galbraith: two sides of the same coin?," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 197-214, January.
    • Handle: RePEc:spr:joevec:v:25:y:2015:i:1:p:197-214
    DOI: 10.1007/s00191-013-0326-4
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    References listed on IDEAS

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    1. David Audretsch, 2009. "The entrepreneurial society," The Journal of Technology Transfer, Springer, vol. 34(3), pages 245-254, June.
    2. Bresnahan,Timothy & Gambardella,Alfonso (ed.), 2004. "Building High-Tech Clusters," Cambridge Books, Cambridge University Press, number 9780521827225.
    3. Scherer, F M, 1992. "Schumpeter and Plausible Capitalism," Journal of Economic Literature, American Economic Association, vol. 30(3), pages 1416-1433, September.
    4. David B. Audretsch & Max Keilbach, 2007. "The Theory of Knowledge Spillover Entrepreneurship," Journal of Management Studies, Wiley Blackwell, vol. 44(7), pages 1242-1254, November.
    5. Audretsch, David B. & Keilbach, Max C. & Lehmann, Erik E., 2006. "Entrepreneurship and Economic Growth," OUP Catalogue, Oxford University Press, number 9780195183511.
    6. David B. Audretsch, 1995. "Innovation and Industry Evolution," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262011468, December.
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    Cited by:

    1. Adem LEVENT, 2016. "Power, Market and Techno-Structure in John Kenneth Galbraith’s Thought," Journal of Social and Administrative Sciences, KSP Journals, vol. 3(2), pages 214-218, June.

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    More about this item

    Keywords

    Joseph Schumpeter; John Kenneth Galbraith; Innovation; Entrepreneurship; Economic development; Capitalism; Socialism; B20; B52; O31; O33;
    All these keywords.

    JEL classification:

    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • 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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