The Theory of Economic Development: An Inquiry Into Profits, Capital, Credit, Interest, and the Business Cycle
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The Theory of Economic Development: An Inquiry Into Profits, Capital, Credit, Interest, and the Business Cycle

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4.02 of 5 stars 4.02  ·  rating details  ·  53 ratings  ·  3 reviews
Schumpeter proclaims in this classical analysis of capitalist society first published in 1911 that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact.

Of those who argue against him, Schumpeter asks a funda...more
Paperback, 244 pages
Published January 1st 1982 by Transaction Publishers (first published December 12th 1934)
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Phillip Bryant
"The 2nd chapter is the best. The first chapter sets up the logic and arguments supporting the second chapter. The rest of the book is dry and difficult reading. Also, Schumpeter wrote with an egotistical tone. As an example, "But I shall not add another word of explanation because the matter must be clear to the reader who gives it the appropriate attention."

Recommended only for those with a keen academic interest in the role that entrepreneurship plays in economic development."
Marks54
This is an edition of Schumpeter's first book and a good articulation of his theory of innovation and entrepreneurship and how they fit into the capitalist order. It is especially valuable in showing how creative destruction and entrepreneurial finance fit into an economic system that is already at high employment. It is not for the faint of heart and their are better presentation of these ideas by Schumpeter later down the road, such as in Capitalism, Socialism, and Democracy.
Paul Tennant
i love how he uses the circular flow of capital. what happens to capital once all domestic sources of investment are exhausted. great book on understanding the bottom up approach. That said it is not the easiest of reads, but his mind will amaze you.
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Joseph Alois Schumpeter (8 February 1883 – 8 January 1950) was an Austrian American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. One of the most influential economists of the 20th century, Schumpeter popularized the term "creative destruction" in economics.
More about Joseph Alois Schumpeter...
Capitalism, Socialism and Democracy History of Economic Analysis: With a New Introduction Can Capitalism Survive?: Creative Destruction and the Future of the Global Economy Essays: On Entrepreneurs, Innovations, Business Cycles, and the Evolution of Capitalism Imperialism; And, Social Classes

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