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The Theory of Economic Development of J.A. Schumpeter: Key Features

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  • BAZHAL, IURII

Abstract

This paper comprises translation into English the preface of Iurii Bazhal to the first Ukrainian edition of Joseph Schumpeter’s famous fundamental book “The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle” that was translated in Ukrainian and published in 2011 in commemoration of its 100th anniversary. The paper reveals the contemporary significance of this classical book as the challenger on replacing the neoclassical approaches in capacity to become the mainstream of modern economic theory. It is shown the Schumpeter’s approach gives a new vision of driving forces for economic development where a crucial conceptual place belongs to category the innovation. Second part of the paper reviews modern Neo-Schumpeterian approaches which have substantiated the importance of the structural innovation technological change of national economy for economic development. The government must permanently analyze a compliance of the actual production structure in the country with the current and future technological paradigms.

Suggested Citation

  • Bazhal, Iurii, 2016. "The Theory of Economic Development of J.A. Schumpeter: Key Features," MPRA Paper 69883, University Library of Munich, Germany, revised 25 Feb 2016.
  • Handle: RePEc:pra:mprapa:69883
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    File URL: https://mpra.ub.uni-muenchen.de/69883/1/MPRA_paper_69883.pdf
    File Function: original version
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    References listed on IDEAS

    as
    1. Freeman, Chris & Louca, Francisco, 2002. "As Time Goes By: From the Industrial Revolutions to the Information Revolution," OUP Catalogue, Oxford University Press, number 9780199251056.
    2. Franco Malerba & Richard Nelson & Luigi Orsenigo & Sidney Winter, 2007. "Demand, innovation, and the dynamics of market structure: The role of experimental users and diverse preferences," Journal of Evolutionary Economics, Springer, vol. 17(4), pages 371-399, August.
    3. Fagerberg, Jan & Mowery, David C. & Nelson, Richard R. (ed.), 2006. "The Oxford Handbook of Innovation," OUP Catalogue, Oxford University Press, number 9780199286805.
    4. Breschi, Stefano & Malerba, Franco & Orsenigo, Luigi, 2000. "Technological Regimes and Schumpeterian Patterns of Innovation," Economic Journal, Royal Economic Society, vol. 110(463), pages 388-410, April.
    5. Dosi, Giovanni, 1993. "Technological paradigms and technological trajectories : A suggested interpretation of the determinants and directions of technical change," Research Policy, Elsevier, vol. 22(2), pages 102-103, April.
    6. Richard R. Nelson, 1995. "Recent Evolutionary Theorizing about Economic Change," Journal of Economic Literature, American Economic Association, vol. 33(1), pages 48-90, March.
    7. Chris Freeman & Luc Soete, 1997. "The Economics of Industrial Innovation, 3rd Edition," MIT Press Books, The MIT Press, edition 3, volume 1, number 0262061953, March.
    Full references (including those not matched with items on IDEAS)

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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Neo-Schumpeterian views of Economic Development Today
      by stefanotijerina in NEP-HIS blog on 2016-05-04 13:47:07

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    Cited by:

    1. Antonio R. Andrés & Voxi Amavilah & Simplice Asongu, 2016. "Linkages between Formal Institutions, ICT Adoption and Inclusive Human Development in Sub Saharan Africa," Working Papers 16/026, African Governance and Development Institute..

    More about this item

    Keywords

    Schumpeter; Dynamics of economic development; Innovation theory; Technological paradigm; Innovation policy;

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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