Aspects of growth, structural change, and employment A schumpeterian perspective
This paper aims to throw some light on problems of growth and employment that appear to have been somewhat neglected in the recent development of mainstream economics. As the subtitle suggests we shall make use of a framework of thought that might be called Schumpeterian, in honor of Joseph Schumpeter, who taught in Vienna and Bonn as well as at Yale and Harvard, and who deserves - as some people here in Kiel think - more credit than he usually receives in the shadow of Keynes. This system of thought emphasizes - a medium run time horizon, as distinct from the Keynesian short run and the classical, neoclassical, or Marxian long run; - the cyclical nature of capitalist development, rather than the notions of short run or long run equilibrium, as a basic postulate; the catallactic features of activity in the private sector and hence the information and coordination problems arising in decentralized systems - in contrast to a view which Hicks calls plutologist or social accounting Keynesianism (Hicks 1976); - active or dynamic competition of all sorts (Schumpeter's creative destruction) among entrepreneurs, whom Schumpeter (1912) defined as everyone who carries out new combinations; - autonomy, spontaneity, curiosity, experimenting, and-risk taking as essentials of human action under competitive conditions in business as well as in research - in contrast to the notion of perfect competition and its implicit situational determinism (Latsis 1976); - supply activities rather than demand mechanics, such as demand induced (accelerator) investments or multiplier processes. This approach certainly is supply oriented, in contrast to the demand bias of short run macro-economics. Effective demand is taken to be a consequence (multiplier effect) of private supply activities, i.e. of autonomous investments. A shortfall of demand can be explained in this framework as a consequence of unfavorable conditions for autonomous investments, including - a shortage of technological breakthr
(This abstract was borrowed from another version of this item.)
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Volume (Year): 115 (1979)
Issue (Month): 4 (December)
|Contact details of provider:|| Postal: |
Phone: +49 431 8814-1
Fax: +49 431 8814528
Web page: http://link.springer.de/link/service/journals/10290/index.htm
More information through EDIRC
|Order Information:||Web: http://link.springer.de/orders.htm|
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lehment, Harmen, 1979. "Lohnpolitik und Beschäftigung bei festen und bei flexiblen Wechselkursen," Open Access Publications from Kiel Institute for the World Economy 28691, Kiel Institute for the World Economy (IfW).
When requesting a correction, please mention this item's handle: RePEc:spr:weltar:v:115:y:1979:i:4:p:629-652. 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 (Christopher F Baum)
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 references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link 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 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.