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The Influence of the German Historical School on Schumpeter

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  • Michaelides, Panayotis G.
  • Milios, John G.

Abstract

The present paper defends the thesis that Schumpeter formulated his research program and his main theses in accordance with the theoretical framework of the German Historical School, as expressed by major theoreticians such as Schmoller, Max Weber and Sombart. For instance, Schumpeter’s notion of development could be viewed in the context of the Schmollerian theoretical approach. Next, we compare, briefly, Schumpeter’s and Weber’s central visions emphasizing the role of the “entrepreneur”, the “circular flow” and the “protestant ethic” and the “spirit of capitalism” respectively. Finally, Schumpeter seems to follow Sombart in his “theoretical materialism”, and there is general agreement between the two theoreticians that capitalism was on the decline. However, the strongest parallels are to be found with respect to forces driving the process, at the end of which Schumpeter expected a socialist system, while Sombart expected a mixed economy. Also, several similarities can be found in their respective theses about the evolution of the capitalist enterprise and the role of technology. Τhe paper discusses, also, some of Schumpetr’s main differences of approach as to the German Historical School and concludes that the latter shall inspire further research and developments in Schumpeterian economics.

Suggested Citation

  • Michaelides, Panayotis G. & Milios, John G., 2005. "The Influence of the German Historical School on Schumpeter," MPRA Paper 74471, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:74471
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    References listed on IDEAS

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    7. Yuichi Shionoya, 2005. "The Soul of the German Historical School," The European Heritage in Economics and the Social Sciences, Springer, number 978-0-387-23085-6, December.
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    Cited by:

    1. Michaelides, Panayotis G. & Milios, John G. & Vouldis, Angelos, 2007. "Schumpeter and Lederer on Growth, Technology, Credit and Business Cycles," MPRA Paper 74486, University Library of Munich, Germany.
    2. Panayotis Michaelides & John Milios & Angelos Vouldis & Spyros Lapatsioras, 2010. "Emil Lederer and Joseph Schumpeter on Economic Growth, Technology and Business Cycles," Forum for Social Economics, Taylor & Francis Journals, vol. 39(2), pages 171-189, January.
    3. Angelos Vouldis & Panayotis Michaelides & John Milios, 2011. "Emil Lederer and the Schumpeter-Hilferding-Tugan-Baranowsky Nexus," Review of Political Economy, Taylor & Francis Journals, vol. 23(3), pages 439-460.
    4. Michaelides, Panayotis G. & Theologou, Kostas, 2009. "Joseph Schumpeter and Gabriel Tarde on Technological Change and Social Evolution," MPRA Paper 67189, University Library of Munich, Germany.
    5. Michaelides, Panayotis G. & Milios, John G. & Vouldis, Angelos, 2007. "Schumpeter, Lederer and Hilferding on Economic Development, Credit and Business Cycles," MPRA Paper 74472, University Library of Munich, Germany.

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    More about this item

    Keywords

    Schumpeter; German Historical School; influence;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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