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2023 | OriginalPaper | Buchkapitel

8. The Age of Innovation: More Schumpeter than Keynes

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Abstract

Schumpeter considered “creative destruction” the main force of economic progress. During his life, he kept the essential of this idea, but emphasis changed from individual entrepreneurs to big business or even states. In Schumpeter’s time, unemployment and the Great Depression were at the center of the stage. He was on the conservative, “liquidationist” side, which was run over both by the Keynesian revolution and by the Chicago school. But after the economic shocks of the 1970s, technological and organizational innovation proved the key for economic growth and competitiveness in modern economy. Economists from “New-Growth Theory” and “Evolutionary Economics,” working within the neoclassical framework or trying to substitute it, became inspired by Schumpeter’s work and developed it in several ways. As economics moved from short-run economic fluctuations to economic growth, Schumpeter’s influence and fame grew, and the last quarter of the twentieth century can be rightly named the age of Schumpeter.

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Metadaten
Titel
The Age of Innovation: More Schumpeter than Keynes
verfasst von
Manuel Santos Redondo
Copyright-Jahr
2023
DOI
https://doi.org/10.1007/978-3-031-40139-8_8