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2017 | OriginalPaper | Chapter

3. Key Features of Schumpeter’s Theory of Economic Development

Author : Iurii Bazhal

Published in: The Political Economy of Innovation Development

Publisher: Springer International Publishing

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Abstract

The chapter reveals genesis and essence of Schumpeter’s theory of economic development; analyses its core methodological findings and gives theoretical grounds for proposition that only innovation development can be able to increase national added value; it highlights the conclusion that an economy based on reproduction and development of traditional production structure is unable to obtain substantial increase in national wealth. This chapter also analyses a less-known conceptual background of the Schumpeter’s innovation theory related to M.I. Tugan-Baranovsky’s ideas on the business cycle theory, as well as the Neo-Schumpeterian theory of technological paradigm, which has created a conceptual basis for a new methodological vision of the cyclical nature of economic development and the anti-crisis state policy.

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previous chapter Innovations: A known Unknown Phenomenon of Economy
next chapter “Vicious Cycle” of Political Economy Without “Innovations”
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Metadata
Title
Key Features of Schumpeter’s Theory of Economic Development
Author
Iurii Bazhal
Copyright Year
2017
Book
The Political Economy of Innovation Development

Print ISBN: 978-3-319-54851-7

Electronic ISBN: 978-3-319-54852-4

Copyright Year: 2017

DOI
https://doi.org/10.1007/978-3-319-54852-4_3