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Schumpeterian micro-economics, international trade and macroeconomic policy

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  • Jan Ter Wengel
  • Lorena Salgado Pinzón

Abstract

Macroeconomic policy could be much improved if we had a better understanding of the working of the capitalist mechanism. Schumpeter - along with many other economists of the Austrian School - warned the Neoclassical School that the premise on which they were building their models, diminishing returns, was not supported by the evidence. Schumpeter held that with the industrial revolution, increasing rather than decreasing returns were the rule. Schumpeter demonstrated the importance of economies of scale by tracing the trajectories of enterprises in five industries - textiles, railroads, steel, automobiles and electric power - in three countries- The US, Germany and the UK. His main conclusion is that creative destruction is the engine of capitalism.

Suggested Citation

  • Jan Ter Wengel & Lorena Salgado Pinzón, 2009. "Schumpeterian micro-economics, international trade and macroeconomic policy," Documentos de Economía 7753, Universidad Javeriana - Bogotá.
    • Handle: RePEc:col:000108:007753
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    File URL: http://www.javeriana.edu.co/fcea/area_economia/inv/documents/SchumpeterianMicro-EconomicsInternationalTradeandMacro-EconomicPolicy-2009-05.pdf
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    References listed on IDEAS

    as
    1. Joachim Wagner, 2016. "Exports and Productivity: A Survey of the Evidence from Firm Level Data," World Scientific Book Chapters, in: Microeconometrics of International Trade, chapter 1, pages 3-41, World Scientific Publishing Co. Pte. Ltd..
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