John Elliott’s wonderful introduction to Schumpeter’s Theory of Economic Development
John Elliott was one the most widely read economists I’ve come across. I requested him to be member of my PhD dissertation committee not because I agreed with his left-leaning inclinations but because I respected his scholarship intesely.
Some time in early 2012 I had scanned and converted the wonderful introduction to Schumpeter’s Theory of Economic Development but forgot to upload it.
I’m doing so now, with the ease of Onedrive.
Download from here.
The key to Schumpeter was his insight (that Deirdre McCloskey has taken much further) that mere capital and competition does not lead to economic development. That merely leads to a circular flow.
It is INNOVATION that breaks this stationary cycle:
The strategic stimulus to economic development in Schumpeter’s analysis is innovation, defined as the commercial or industrial application of something new—a new product, process, or method of production; a new market or source of supply; a new form of commercial, business, or financial organization.
But read Elliott’s short essay and you’ll begin to grasp the enormity of the contributions of Schumpeter.
Source: http://www.sabhlokcity.com/2014/05/john-elliotts-wonderful-introduction-to-schumpeters-theory-of-economic-development/
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