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Schumpeter vs. Keynes redux: “Still not dead”

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  • John T. Dalton
  • Lillian R. Gaeto

Abstract

Diamond's study compares the citation time series for Schumpeter and Keynes from 1956 to 2006. Citations to Schumpeter steadily increase throughout the period, whereas citations to Keynes begin to level off and then trend slightly downward beginning in the 1990s. As a result, citations to Schumpeter begin to outstrip those to Keynes. This paper replicates Diamond's study and extends the analysis to 2017, incorporating citations since the onset of the Great Recession. The replication confirms the results in Diamond's study. The analysis beyond 2006 shows citations to Schumpeter remain larger than to Keynes, but citations to Keynes undergo a resurgence due to the Great Recession. Google Trends data for Schumpeter and Keynes are compared and provide evidence showing the heightened interest in Keynes during the Great Recession. For example, in the United States, the peak of Keynes's search interest occurs in February 2009, 5 months after Lehman Brothers declared bankruptcy.

Suggested Citation

  • John T. Dalton & Lillian R. Gaeto, 2022. "Schumpeter vs. Keynes redux: “Still not dead”," Southern Economic Journal, John Wiley & Sons, vol. 89(2), pages 569-592, October.
    • Handle: RePEc:wly:soecon:v:89:y:2022:i:2:p:569-592
    DOI: 10.1002/soej.12598
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    1. John T. Dalton & Andrew J. Logan, 2022. "Teaching and learning Schumpeter: A dialogue between professor and student," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 35(2), pages 235-256, June.
    2. Dalton, John T. & Logan, Andrew J., 2022. "The Man Who Discovered Capitalism: A documentary on Schumpeter for use in the classroom," International Review of Economics Education, Elsevier, vol. 41(C).
    3. John T. Dalton & Andrew J. Logan, 2021. "Schumpeter in Vienna: A Study Abroad Course," Contributions to Economics, in: Joshua Hall & Kim Holder (ed.), Off-Campus Study, Study Abroad, and Study Away in Economics, chapter 0, pages 175-190, Springer.
    4. John T. Dalton & Andrew J. Logan, 2020. "Using the movie Joy to teach innovation and entrepreneurship," The Journal of Economic Education, Taylor & Francis Journals, vol. 51(3-4), pages 287-296, August.

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    JEL classification:

    • B0 - Schools of Economic Thought and Methodology - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • B30 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - General

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