{"id":91,"date":"2022-01-03T17:50:25","date_gmt":"2022-01-03T17:50:25","guid":{"rendered":"https:\/\/jamacoartney.net\/Econ\/?p=91"},"modified":"2022-01-05T02:36:33","modified_gmt":"2022-01-05T02:36:33","slug":"joseph-schumpeter-1883-1950","status":"publish","type":"post","link":"https:\/\/jamacoartney.net\/Econ\/joseph-schumpeter-1883-1950\/","title":{"rendered":"Joseph Schumpeter 1883-1950"},"content":{"rendered":"<p><strong>About:<br \/>\n<\/strong>The year 1883 portends changes in perspective for economic philosophy: Marx dies, and Keynes and Schumpeter are born. Born in Morovia and studying at the University of Vienna, Schumpeter&#8217;s life included work in government, industry, and academia. While not very successful as a minister of finance or bank president, Schumpeter has been lauded in one movie as <span class=\"jss896\" data-testid=\"title-1038731633-container\" data-trunc-target=\"yes\"><a class=\"MuiTypography-root MuiLink-root MuiLink-underlineAlways MuiTypography-body1 MuiTypography-colorSecondary\" dir=\"ltr\" href=\"https:\/\/virginiatech.on.worldcat.org\/search\/detail\/1038731633?queryString=kw%3A%28Keynes%29%20AND%20kw%3A%28Schumpeter%29&amp;databaseList=638&amp;origPageViewName=pages%2Fadvanced-search-page&amp;clusterResults=false&amp;expandSearch=true&amp;translateSearch=false&amp;queryTranslationLanguage=&amp;scope=sz%3A38864&amp;format=Video&amp;subformat=Video%3A%3Avideo_digital&amp;changedFacet=format&amp;groupVariantRecords=true\" data-testid=\"title-link-1038731633\" aria-label=\"Select this title to view the detailed record for Schumpeter : the Man Who Discovered Capitalism\"><span class=\"MuiTypography-root jss897 MuiTypography-h6 MuiTypography-alignLeft\" dir=\"auto\"><span data-testid=\"highlighted-term-container\">Schumpeter: the Man Who Discovered Capitalism<\/span><\/span><\/a><\/span>. His ideas on capitalism and financing are often juxtaposed with Marx and Keynes. In a 1928 article, &#8220;The Instability of Capitalism&#8221;, published in <span style=\"text-decoration: underline;\">The Economic Journal<\/span>, the official publication of the royal society of economics, Schumpeter predicted that that three aspects of capitalism create the conditions for its own demise (creative destruction).<\/p>\n<ul>\n<li>Private property, which provides access to capital through financing or loans<\/li>\n<li>Production for private exchange, which relates to free market (capitalist) economies where private individuals can own and trade all economic resources<\/li>\n<li>Credit. Schumpeter distinguishes between credit for production and consumption; credit for consumption is destabilizing.\u00a0 Schumpeter notes that capitalism is the only system that has all three components.<\/li>\n<\/ul>\n<p>While at the time, John Maynard Keynes&#8217; ideas overshadowed Schumpeter&#8217;s theories; however, Schumpeter is now considered one of the premiere economic thinkers of the 20th century.<\/p>\n<p><strong>Influential Books and Other Writings:<br \/>\n<\/strong><a href=\"https:\/\/www.amazon.com\/Business-Cycles-Vol-Schumpeter-Joseph\/dp\/1296615456\/ref=sr_1_5?crid=1ICIL08AQ2K8R&amp;keywords=business+cycles+schumpeter&amp;qid=1641227196&amp;sprefix=business+cycles+schumpeter%2Caps%2C301&amp;sr=8-5\"><em>Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalist Process<\/em><\/a> (1939)<\/p>\n<p><a href=\"https:\/\/www.amazon.com\/Capitalism-Socialism-Democracy-Second-Text-ebook\/dp\/B00DQHN0MY\/ref=sr_1_3?crid=1H0PRAOYL6VP4&amp;keywords=Capitalism%2C+Socialism%2C+and+Democracy+schumpeter&amp;qid=1641227321&amp;sprefix=capitalism%2C+socialism%2C+and+democracy+schumpeter%2Caps%2C94&amp;sr=8-3\"><em>Capitalism, Socialism, and Democracy<\/em><\/a> (1942)<\/p>\n<p><strong>Key Concepts:<\/strong><\/p>\n<p>Creative destruction\u2014capitalism will eventually destroy itself through through its own success, notably through boom\/bust cycles as well as the monopolistic tendency of capitalism<\/p>\n<p>Entrepreneurs and innovation\u2014individuals\/entrepreneurs drive innovation. Innovations generate surplus (profit) for new businesses. These innovations disrupt preexisting processes, thus causing s0me existing businesses to fail.\u00a0 Failed businesses&#8217; assets are snapped up by the entrepreneurs.\u00a0 And the cycle continues.<\/p>\n<p><span class=\"MuiTypography-root MuiTypography-body1\" dir=\"auto\"><span data-testid=\"highlighted-term-container\">Methodic economic growth<\/span><\/span>\u2014long business cycles are temporarily disrupted when entrepreneurs\/innovation changes how business is conducted.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>About: The year 1883 portends changes in perspective for economic philosophy: Marx dies, and Keynes and Schumpeter are born. Born in Morovia and studying at the University of Vienna, Schumpeter&#8217;s life included work in government, industry, and academia. While not very successful as a minister of finance or bank president, Schumpeter has been lauded in &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/jamacoartney.net\/Econ\/joseph-schumpeter-1883-1950\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Joseph Schumpeter 1883-1950&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","WB4WB4WP_MODE":"","WB4WP_PAGE_SCRIPTS":"","WB4WP_PAGE_STYLES":"","WB4WP_PAGE_FONTS":"","WB4WP_PAGE_HEADER":"","WB4WP_PAGE_FOOTER":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-91","post","type-post","status-publish","format-standard","hentry","category-uncategorized","entry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Joseph Schumpeter 1883-1950 - EconThinking<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jamacoartney.net\/Econ\/joseph-schumpeter-1883-1950\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Joseph Schumpeter 1883-1950 - EconThinking\" \/>\n<meta property=\"og:description\" content=\"About: The year 1883 portends changes in perspective for economic philosophy: Marx dies, and Keynes and Schumpeter are born. 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