Schumpeter on money, banking and finance: an institutionalist perspective
In this paper we provide an institutional interpretation of Schumpeter's analysis of money, banking and finance. We justify this interpretation by considering first Schumpeter's overall methodological perspective, in particular the role played by economic sociology in his approach, and second by showing that the way Schumpeter describes the successive steps of economic development - circular flow, steady state and development - provides a good illustration of how institutional change is progressively introduced into his analytical framework and of the leading role of the banking system in the overall evolution of the financial system.
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Volume (Year): 16 (2009)
Issue (Month): 2 ()
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References listed on IDEAS
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- Geoffrey M. Hodgson, 1998. "The Approach of Institutional Economics," Journal of Economic Literature, American Economic Association, vol. 36(1), pages 166-192, March.
- Markus C. Becker & Thorbjørn Knudsen & James G. March, 2006. "Schumpeter, Winter, and the sources of novelty," Industrial and Corporate Change, Oxford University Press, vol. 15(2), pages 353-371, April.
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