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Creative Destruction in Economics: Nietzsche, Sombart, Schumpeter

In: Friedrich Nietzsche (1844–1900)

Author

Listed:
  • Hugo Reinert

    (Cambridge University)

  • Erik S. Reinert

    (Norway & Tallinn University of Technology)

Abstract

This paper argues that the idea of ‘creative destruction’ enters the social sciences by way of Friedrich Nietzsche. The term itself is first used by German economist Werner Sombart, who openly acknowledges the influence of Nietzsche on his own economic theory. The roots of creative destruction are traced back to Indian philosophy, from where the idea entered the German literary and philosophical tradition. Understanding the origins and evolution of this key concept in evolutionary economics helps clarifying the contrasts between today’s standard mainstream economics and the Schumpeterian and evolutionary alternative.

Suggested Citation

  • Hugo Reinert & Erik S. Reinert, 2006. "Creative Destruction in Economics: Nietzsche, Sombart, Schumpeter," The European Heritage in Economics and the Social Sciences, in: Jürgen G. Backhaus & Wolfgang Drechsler (ed.), Friedrich Nietzsche (1844–1900), chapter 4, pages 55-85, Springer.
    • Handle: RePEc:spr:euhchp:978-0-387-32980-2_4
    DOI: 10.1007/978-0-387-32980-2_4
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    Cited by:

    1. Pongsapak Chindasombatcharoen & Pattanaporn Chatjuthamard & Pornsit Jiraporn & Sirimon Treepongkaruna, 2022. "Achieving sustainable development goals through board size and innovation," Sustainable Development, John Wiley & Sons, Ltd., vol. 30(4), pages 664-677, August.
    2. Chrysovalantis Amountzias, 2017. "An Investigation of the Degree of Market Power in the Greek Manufacturing and Service Industries," Journal of Industry, Competition and Trade, Springer, vol. 17(4), pages 447-464, December.
    3. Louis Azan, 2022. "The Romantic Conception of the Entrepreneur in Schumpeter’s Thought," Working Papers hal-04084445, HAL.
    4. Thanos Fragkandreas, 2023. "Case study research on innovation systems: paradox, dialectical analysis and resolution," Working Papers 65, Birkbeck Centre for Innovation Management Research, revised 15 May 2023.
    5. Erik S. Reinert, 2009. "The Terrible Simplifers: Common Origins of Financial Crises and Persistent Poverty in Economic Theory and the new ‘1848 Moment’," Working Papers 88, United Nations, Department of Economics and Social Affairs.
    6. Michael Shermer, 2012. "Another Fatal Conceit: the lesson from evolutionary economics is bottom-up self-organization, not top-down government design," Journal of Bioeconomics, Springer, vol. 14(2), pages 167-181, July.
    7. Erik Reinert, 2007. "Towards an Austro–German theory of uneven economic development? A plea for theorising by inclusion," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 20(2), pages 155-170, September.
    8. Giovanni Arturo López Isaza, 2014. "Innovación: lo social le es inmanente," Revista Facultad de Ciencias Económicas, Universidad Militar Nueva Granada, vol. 0(2), pages 123-158, December.
    9. Chaiechi, Taha, 2014. "The broken window: Fallacy or fact – A Kaleckian–Post Keynesian approach," Economic Modelling, Elsevier, vol. 39(C), pages 195-203.
    10. Ferlito, Carmelo, 2015. "Entrepreneurship: State of grace or human action?," EconStor Open Access Articles and Book Chapters, ZBW - Leibniz Information Centre for Economics, vol. 27(1-2), pages 11-36.
    11. Cajaiba-Santana, Giovany, 2014. "Social innovation: Moving the field forward. A conceptual framework," Technological Forecasting and Social Change, Elsevier, vol. 82(C), pages 42-51.
    12. Igor Matveiciuc, 2021. "Aspects Of Sustainable Development Of Organizations In The Republic Of Moldova," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 1, pages 291-298, February.
    13. Voinov, Alexey & Farley, Joshua, 2007. "Reconciling sustainability, systems theory and discounting," Ecological Economics, Elsevier, vol. 63(1), pages 104-113, June.
    14. Robra, Ben & Pazaitis, Alex & Giotitsas, Chris & Pansera, Mario, 2023. "From creative destruction to convivial innovation - A post-growth perspective," Technovation, Elsevier, vol. 125(C).
    15. Hüseyin Özel, 2018. "Four Horsemen of The Apocalypse: Marx, Weber, Schumpeter, and Polany," Yildiz Social Science Review, Yildiz Technical University, vol. 4(2), pages 111-124.
    16. Kevin P. Heanue & Áine Macken Walsh, 2010. "The Rural Development Programme (2007-2013) and Farmer Innovation: A Review to Date and Look to the Future," Working Papers 1007, Rural Economy and Development Programme,Teagasc.
    17. Ferlito, Carmelo, 2015. "Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness," MPRA Paper 67694, University Library of Munich, Germany.

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