Economics
... agriculture, in minerals, or in labour – development economists thus promoted a dynamic diversification of an economy. This still appropriate, albeit already then somewhat ‘heterodox’ approach implied an active role of the state in changing the economic structure by generating and re-allocating rent ...
... agriculture, in minerals, or in labour – development economists thus promoted a dynamic diversification of an economy. This still appropriate, albeit already then somewhat ‘heterodox’ approach implied an active role of the state in changing the economic structure by generating and re-allocating rent ...
Chapter 1 “The Wretched Spirit of Monopoly”
... Historically, monopoly has, with limited exceptions, been seen by economists as a bane of markets, one of the more prominent forms of so-called market failure. Across time, economists have equated the “evils” of monopoly with theft and taxation, given that monopoly can impair an economy’s vigor just ...
... Historically, monopoly has, with limited exceptions, been seen by economists as a bane of markets, one of the more prominent forms of so-called market failure. Across time, economists have equated the “evils” of monopoly with theft and taxation, given that monopoly can impair an economy’s vigor just ...
Research Capacities in Arab Countries: Present Situation
... Classical economists (Adam Smith, Karl Marx etc.) Neo-classical economists (Alfred Marshall, Robert Solow) Austrian School of Economics: Joseph A. Schumpeter New growth theory or endogenous growth theory (z.B. Romer, Lucas and Benhabib/Jovanovic) Evolutionary growth theory (Neslon and Winter) ...
... Classical economists (Adam Smith, Karl Marx etc.) Neo-classical economists (Alfred Marshall, Robert Solow) Austrian School of Economics: Joseph A. Schumpeter New growth theory or endogenous growth theory (z.B. Romer, Lucas and Benhabib/Jovanovic) Evolutionary growth theory (Neslon and Winter) ...
slides only - Post Keynesian Study Group
... • With contractionary political trend in force, capitalist need for public stimulation of private investment through technological innovation • Shift economic public policy from direct public investment to stimulate employment; to indirect via innovation policies (replace protection) • Propose to id ...
... • With contractionary political trend in force, capitalist need for public stimulation of private investment through technological innovation • Shift economic public policy from direct public investment to stimulate employment; to indirect via innovation policies (replace protection) • Propose to id ...
What do we know about innovation?
... • What determine the boundaries of systems? • The dynamics is not well specified. What are the main activities, feedback mechanisms etc, and how do these interact? • Need to explore factors leading to path dependent dynamics; as well as the role of open-ness in generating change. ...
... • What determine the boundaries of systems? • The dynamics is not well specified. What are the main activities, feedback mechanisms etc, and how do these interact? • Need to explore factors leading to path dependent dynamics; as well as the role of open-ness in generating change. ...
A Neo-Darwinian Foundation of Evolutionary Economics. With an
... that an agreement on the explanation of economic evolution is still missing (see i.a. Hodgson 1996, p. 699; Fagerberg 2003, p. 127; Witt 2004, pp. 125; 2008, p. 547). But there is an almost common consent in that the directed, continuous generation of economic change, resulting in the adaptation of ...
... that an agreement on the explanation of economic evolution is still missing (see i.a. Hodgson 1996, p. 699; Fagerberg 2003, p. 127; Witt 2004, pp. 125; 2008, p. 547). But there is an almost common consent in that the directed, continuous generation of economic change, resulting in the adaptation of ...
János Kornai`s Comparative Theory and Defense of Capitalism
... An important theme in previous works of Kornai consisted in stressing the affinity between different characteristics of a given system, and its general coherence: this was true for both classical socialism and capitalism. This approach is akin to the notion of institutional complementarities later d ...
... An important theme in previous works of Kornai consisted in stressing the affinity between different characteristics of a given system, and its general coherence: this was true for both classical socialism and capitalism. This approach is akin to the notion of institutional complementarities later d ...
The characteristics of a monetary economy: a Keynes
... economy’, to use a phrase that appears occasionally in the literature on monetary policy. The phrase is misleading because it fails to recognise that the financial sector is a real sector.” ...
... economy’, to use a phrase that appears occasionally in the literature on monetary policy. The phrase is misleading because it fails to recognise that the financial sector is a real sector.” ...
1 János Kornai`s comparative theory and defense of capitalism
... suggested in the book. I this paper I shall briefly discuss some themes related to the system paradigm and to the normative assessment of capitalism. Types of innovation The reader is surprised to see that the relation between innovation and surplus is not explored in detail. We read that « Many pro ...
... suggested in the book. I this paper I shall briefly discuss some themes related to the system paradigm and to the normative assessment of capitalism. Types of innovation The reader is surprised to see that the relation between innovation and surplus is not explored in detail. We read that « Many pro ...
The characteristics of a monetary economy: a Keynes
... a real-exchange economy and a monetary economy. He uses the first term to denote an economy in which money is just an instrument that makes it possible to reduce the costs of the exchange; the use of money does not change the structure of the economic system with respect to a barter economy. Like Ke ...
... a real-exchange economy and a monetary economy. He uses the first term to denote an economy in which money is just an instrument that makes it possible to reduce the costs of the exchange; the use of money does not change the structure of the economic system with respect to a barter economy. Like Ke ...
PROFIT MANAGEMENT
... • In addition, 2 more changes: • Innovation and External change • According to Knight, it is not change which leads to profits, but dynamic changes give rise to profits ONLY if changes and their consequences are unpredictable- because of uncertainty of Future. • “In an economy where nothing changes, ...
... • In addition, 2 more changes: • Innovation and External change • According to Knight, it is not change which leads to profits, but dynamic changes give rise to profits ONLY if changes and their consequences are unpredictable- because of uncertainty of Future. • “In an economy where nothing changes, ...
1 SCHUMPETER ON UNEMPLOYMENT Mauro Boianovsky
... stated that Schumpeter made major contributions to economic theory in the 1930s, but that “these did not directly address the whole issue of technological change and employment”. The literature in the two first rounds was thus largely critical of (if at all acquainted with) Schumpeter’s view that un ...
... stated that Schumpeter made major contributions to economic theory in the 1930s, but that “these did not directly address the whole issue of technological change and employment”. The literature in the two first rounds was thus largely critical of (if at all acquainted with) Schumpeter’s view that un ...
Prices in Motion: Towards a Schumpeterian Price Theory*
... In addition to the, at least temporary, suspension of perfect competition noted by Schumpeter, I argue below that the pricing analysis needs to account for the threat of obsolescence through creative destruction in a developing economy. Actual losses to obsolescence don’t directly enter into pricin ...
... In addition to the, at least temporary, suspension of perfect competition noted by Schumpeter, I argue below that the pricing analysis needs to account for the threat of obsolescence through creative destruction in a developing economy. Actual losses to obsolescence don’t directly enter into pricin ...
Powerpoint - DebtDeflation
... • Circuit model still skeletal – But already reaches different economic policy results to standard models – Model extended to multiple commodities – Will be extended to include fixed capital, government, and Financial Instability Hypothesis • This week – The Financial Instability Hypothesis ...
... • Circuit model still skeletal – But already reaches different economic policy results to standard models – Model extended to multiple commodities – Will be extended to include fixed capital, government, and Financial Instability Hypothesis • This week – The Financial Instability Hypothesis ...
Business Cycle www.AssignmentPoint.com The Business Cycle (or
... throughout period from 1870 to 1890 that included the Long Depression and two other recessions. There were also significant increases in productivity in the years leading up to the Great Depression. Both the Long and Great Depressions were characterized by overcapacity and market saturation. ...
... throughout period from 1870 to 1890 that included the Long Depression and two other recessions. There were also significant increases in productivity in the years leading up to the Great Depression. Both the Long and Great Depressions were characterized by overcapacity and market saturation. ...
LOS CICLOS EN LA ECONOMÍA Paseando con
... of Juglar and Kitchin cycles. • Six Juglar cycles can be counted for each long wave, and three Kitchin cycles are counted for each Juglar cycle. However, this is not an absolute, automatic rule for Schumpeter. CRITIQUE: Simon Kuznets qualifies Schumpeter’s conclusions, by saying that the statistical ...
... of Juglar and Kitchin cycles. • Six Juglar cycles can be counted for each long wave, and three Kitchin cycles are counted for each Juglar cycle. However, this is not an absolute, automatic rule for Schumpeter. CRITIQUE: Simon Kuznets qualifies Schumpeter’s conclusions, by saying that the statistical ...
Understanding the Significance of the Great Depression
... Veblenian critique of rigidity and overstabilization" had "latent affinities for underconsumptionism" (p. 40). The most influential among thoroughgoing underconsumptionists in the U.S. during the 19208 and early 1930s were William Trufant Foster and Waddill Catchings. In Profits (1926), and a number ...
... Veblenian critique of rigidity and overstabilization" had "latent affinities for underconsumptionism" (p. 40). The most influential among thoroughgoing underconsumptionists in the U.S. during the 19208 and early 1930s were William Trufant Foster and Waddill Catchings. In Profits (1926), and a number ...
Economic Thinking in an Age of Shared Prosperity
... cause bank money contraction and price level deflation. Such deflation, by raising the real burden of debts, would induce further attempts to deleverage, leading to further monetary contraction and further price deflation and so on ad infinitum in a self-reinforcing spiral. Monetary policy would hav ...
... cause bank money contraction and price level deflation. Such deflation, by raising the real burden of debts, would induce further attempts to deleverage, leading to further monetary contraction and further price deflation and so on ad infinitum in a self-reinforcing spiral. Monetary policy would hav ...
A Comparison of the Theories of Joseph Alois Schumpeter and John
... involves more than an act of will, a command over means of production is necessary (Velde, 2001). Schumpeter argued that, innovations are carried out especially by new entrepreneurs, who do not own factor of production and he highlights the role of credit created by the banks as a key process to fa ...
... involves more than an act of will, a command over means of production is necessary (Velde, 2001). Schumpeter argued that, innovations are carried out especially by new entrepreneurs, who do not own factor of production and he highlights the role of credit created by the banks as a key process to fa ...
Centre for Research in Applied Economics
... bunching of innovations, that such bunching gives rise to a four-phase business cycle and that there are overlapping Kitchin, Juglar and Kondratieff cycles. Even sympathetic commentators on Schumpeter’s basic vision, such as Oakley (1990), find fault with his analytical representation of the cycle. ...
... bunching of innovations, that such bunching gives rise to a four-phase business cycle and that there are overlapping Kitchin, Juglar and Kondratieff cycles. Even sympathetic commentators on Schumpeter’s basic vision, such as Oakley (1990), find fault with his analytical representation of the cycle. ...
Monetary Economics after Wicksell
... • When supply is raised as an outcome of innovations, the new firms enjoy net profits whereas the old firms must undergo restructuring or get out of the market • General disequilibrium => stop of entrepreneurial action (recession phase) ...
... • When supply is raised as an outcome of innovations, the new firms enjoy net profits whereas the old firms must undergo restructuring or get out of the market • General disequilibrium => stop of entrepreneurial action (recession phase) ...
This PDF is a selection from a published volume from... Research Volume Title: Financial Sector Development in the Pacific Rim, East...
... tive. Schumpeter in Capitalism, Socialism, and Democracy (1942) no longer looked upon the entrepreneur as the sole agent of innovation. He believed that much of innovation was, in fact, performed by teams of people within existing large corporations, with the innovation financed by retained corporat ...
... tive. Schumpeter in Capitalism, Socialism, and Democracy (1942) no longer looked upon the entrepreneur as the sole agent of innovation. He believed that much of innovation was, in fact, performed by teams of people within existing large corporations, with the innovation financed by retained corporat ...
Schumpeterian Theories
... • Schumpeter argues inventions or discoveries by themselves have little economic effect– patent registry filled with files of inventions that never see light of day. ...
... • Schumpeter argues inventions or discoveries by themselves have little economic effect– patent registry filled with files of inventions that never see light of day. ...
Econ 309 Lecture Jul10
... What an extraordinary episode in the economic progress of man that age was which came to an end in August 1914! The greater part of the population, it is true, worked hard and lived at a low standard of comfort, yet were, to all appearances, reasonably contented with this lot. But escape was possibl ...
... What an extraordinary episode in the economic progress of man that age was which came to an end in August 1914! The greater part of the population, it is true, worked hard and lived at a low standard of comfort, yet were, to all appearances, reasonably contented with this lot. But escape was possibl ...
Joseph Schumpeter
Joseph Alois Schumpeter (German: [ˈʃʊmpeːtɐ]; 8 February 1883 – 8 January 1950) was an Austrian-American economist and political scientist. He briefly served as Finance Minister of Austria in 1919. In 1932 he became a professor at Harvard University where he remained until the end of his career. One of the most influential economists of the 20th century, Schumpeter popularized the term ""creative destruction"" in economics.