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Theory of Economic Development

4.09  ·  Rating Details ·  105 Ratings  ·  6 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
Paperback, 244 pages
Published December 31st 1980 by Routledge (first published December 12th 1934)
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Ken Davidian
Dec 02, 2014 Ken Davidian rated it liked it
Shelves: econ-and-finance
I really liked this book! The introduction was a good overview of academic economic history and gave good background for the original text. Having read the other two books of the "trilogy" first (I read the third book, "Capitalism, Socialism and Democracy" first, "Business Cycles" second, and *then* this book) I could see where Schumpeter was heading when he started referring to business cycles. I feel bad only giving this book three stars at first, but I'll review my notes and revise the rating ...more
Apr 11, 2011 Marks54 rated it liked it
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.
Phillip Bryant
Jul 05, 2012 Phillip Bryant rated it liked it
"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."
Paul Tennant
Nov 26, 2012 Paul Tennant rated it it was amazing
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.
Ferhat Culfaz
Aug 15, 2016 Ferhat Culfaz rated it it was ok
Seminal work, but very technical and theoretical. Not suitable for laymen. Good for reference.
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  • Principles of Economics
  • The Principles of Political Economy and Taxation
  • Denationalisation of Money
  • John Maynard Keynes: 1883-1946: Economist, Philosopher, Statesman
  • Principles of Political Economy: And Chapters on Socialism
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  • A Monetary History of the United States 1867-1960
  • Risk, Uncertainty and Profit
  • An Evolutionary Theory of Economic Change
  • Golden Fetters: The Gold Standard and the Great Depression, 1919-1939
  • The Entrepreneurial Mindset: Strategies for Continuously Creating Opportunity in an Age of Uncertainty
  • Development, Geography, and Economic Theory
  • The Winner's Curse: Paradoxes and Anomalies of Economic Life
  • Stabilizing an Unstable Economy: A Twentieth Century Fund Report
  • Economic Science and the Austrian Method
  • Debunking Economics - Revised and Expanded Edition: The Naked Emperor Dethroned?
  • Micromotives and Macrobehavior
  • The Theory of Interest: As Determined by Impatience to Spend Income and Opportunity Ot Invest It
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.
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