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Abstract
Joseph Schumpeter’s views on innovation, entrepreneurship and creative destruction are widely cited in many fields of the social sciences, and are influential in policy and decision making, yet they have often been misinterpreted and misunderstood. ‘Schumpeter’s Evolutionary Economics’ fills this void of analysis by introducing novel interpretations of Schumpeter’s five major works, and tracing the development of his intellectual theory and framework. In so doing it places our understanding of Schumpeter on a new and firmer footing.
Esben Sloth Andersen was awarded the Gunnar Myrdal Prize for 2010 for ‘Schumpeter’s Evolutionary Economics’. The Myrdal Prize is awarded annually for the best monograph on a theme broadly in accord with the research perspectives of the European Association for Evolutionary Political Economy.
‘Schumpeter’s Evolutionary Economics’ fills the void of analysis and serves as a standard reference work on this pioneering thinker by introducing novel interpretations of his five major books and tracing the development of his intellectual framework. Schumpeter’s first German book on the nature of theoretical economics (1908) is still untranslated, but it demonstrates how he developed his evolutionary research programme by studying the inherent limitations of equilibrium economics. He presented core results on economic evolution and extended evolutionary analysis to all social sciences in the first German edition of ‘The Theory of Economic Development’ (1912). He made a partial reworking of the theory of economic evolution in later editions, and this reworking was continued in ‘Business Cycles’ (1939). Here Schumpeter also tried to handle the statistical and historical evidence on the waveform evolution of the capitalist economy. ‘Capitalism, Socialism and Democracy’ (1942) modified the model of economic evolution and added evolutionary contributions to other social sciences. Finally, ‘History of Economic Analysis’, published posthumously, was based on his evolutionary theory of the history of economics. Andersen's analysis of Schumpeter's five books expounds the progress he made within his research programme, and examines his lack of satisfactory tools for evolutionary analysis. In so doing it places our understanding of Schumpeter on a new and firmer footing; it also suggests how modern evolutionary economics can relate to his work.
Esben Sloth Andersen was awarded the Gunnar Myrdal Prize for 2010 for ‘Schumpeter’s Evolutionary Economics’. The Myrdal Prize is awarded annually for the best monograph on a theme broadly in accord with the research perspectives of the European Association for Evolutionary Political Economy.
Esben Sloth Andersen is Professor of Evolutionary Economics in the Department of Business Studies, Aalborg University.
Table of Contents
| Section Title | Page | Action | Price |
|---|---|---|---|
| Front Matter\r | 1 | ||
| Half Title\r | 1 | ||
| Series Page\r | 2 | ||
| Title\r | 3 | ||
| Copyright\r | 4 | ||
| Contents\r | 5 | ||
| List of Figures\r | 9 | ||
| List of Tables\r | 11 | ||
| Preface\r | 13 | ||
| Acknowledgements\r | 17 | ||
| Abbreviations\r | 19 | ||
| Main Body\r | 21 | ||
| 1. Introduction\r | 21 | ||
| 1.1 The name of the game: 'evolutionary economics'\r | 22 | ||
| 1.2 Schumpeter's evolutionary pivot\r | 26 | ||
| 1.3 Alternative image of Schumpeter's work\r | 35 | ||
| 1.4 The structure of the present book\r | 39 | ||
| Part I. Equilibrium Economics and Evolutionary Economics\r | 41 | ||
| 2. The Early Years\r | 43 | ||
| 2.1 Research programmes for the twentieth century\r | 43 | ||
| 2.2 Preparing to become a great economist\r | 48 | ||
| 2.3 Schumpeter's new intellectual combination\r | 55 | ||
| 3. From Walrasian Statics to Evolutionary Dynamics\r | 59 | ||
| 3.1 Different interpretations of 'Wessen'\r | 60 | ||
| 3.2 Exploring the 'Magna Carta' of theoretical economics\r | 64 | ||
| 3.3 Resolving the battle of methods\r | 70 | ||
| 3.4 The Statics-Dynamics dichotomy\r | 73 | ||
| 3.5 Types of entrepreneurs and parameters of the system | 78 | ||
| 3.6 Conclusion\r | 85 | ||
| 4. Elitist Dichotomies and General Evolutionary Analysis\r | 87 | ||
| 4.1 The 'lost' chapters of 'Entwicklung I' and their translation\r | 88 | ||
| 4.2 From elite theory to the Schumpeterian dichotomies\r | 95 | ||
| 4.3 The dichotomies of Pareto and Schumpeter\r | 103 | ||
| 4.4 Towards a general theory of social evolution\r | 109 | ||
| 4.5 Conclusion\r | 115 | ||
| 5. Evolutionary Dynamics in the Capitalist Economy\r | 119 | ||
| 5.1 Three interpretations of 'Entwicklung I'\r | 121 | ||
| 5.2 Starting at the Bohm-Bawerk Seminar of 1905\r | 124 | ||
| 5.3 Theories of interest and of capitalism\r | 127 | ||
| 5.4 The evolutionary function of business cycles\r | 133 | ||
| 5.5 The \"spirit of capitalism\" and the system of concepts\r | 142 | ||
| 5.6 Conclusion\r | 152 | ||
| Part II. The Evolutionary Trilogy\r | 155 | ||
| 6. Approaching the Evolutionary Trilogy\r | 157 | ||
| 6.1 The Evolutionary trilogy and its name\r | 157 | ||
| 6.2 The fields of evolutionary analysis\r | 161 | ||
| 6.3 The evolutionary mechanisms of the capitalist engine\r | 164 | ||
| 7. The Capitalist Engine and Socio-Political Evolution\r | 175 | ||
| 7.1 Two ways of reading 'Capitalism'\r | 176 | ||
| 7.2 Mark II of the capitalist engine and its implications\r | 181 | ||
| 7.3 Emergence of the capitalist engine and the tax state\r | 189 | ||
| 7.4 Democratic political evolution: Mark I and Mark II\r | 194 | ||
| 7.5 The endless economic frontier and the sociological trend\r | 200 | ||
| 7.6 Conclusion\r | 206 | ||
| 8. Waveform Economic Evolution and Business Cycles\r | 209 | ||
| 8.1 The complex contents of 'Cycles'\r | 210 | ||
| 8.2 Towards a reasoned history of the capitalist process\r | 218 | ||
| 8.3 The Kondratieffs and Juglars of the third approximation\r | 229 | ||
| 8.4 The pure model of the first approximation\r | 237 | ||
| 8.5 The second approximation with the secondary wave\r | 245 | ||
| 8.6 Extensions of the second approximation\r | 253 | ||
| 8.7 Conclusion\r | 258 | ||
| 9. The Basic Mechanisms of Economic Evolution\r | 261 | ||
| 9.1 'Development' as part of the evolutionary trilogy\r | 263 | ||
| 9.2 The circular flow and the mechanism of adaptation\r | 270 | ||
| 9.3 The function of the Schumpeterian entrepreneur | 282 | ||
| 9.4 Combining the mechanisms of innovation and adaptation\r | 293 | ||
| 9.5 Mark I and Mark II of the capitalist engine\r | 304 | ||
| 9.6 Conclusion\r | 313 | ||
| Part III. Works in Progress\r | 315 | ||
| 10. Schumpeter and the Years of High Theory\r | 317 | ||
| 10.1 Schumpeterian unfinishedness\r | 317 | ||
| 10.2 The years of high theory and high econometrics\r | 320 | ||
| 10.3 The principle of indeterminateness\r | 327 | ||
| 10.4 The theoretical apparatus of economics\r | 335 | ||
| 10.5 Schumpeter's \"final thesis\"\r | 342 | ||
| 11. Evolutionary Analysis and the History of Economics\r | 347 | ||
| 11.1 The gradual development of 'History'\r | 349 | ||
| 11.2 Long waves in the evolution of economic analysis\r | 356 | ||
| 11.3 Why do we study the history of economics?\r | 362 | ||
| 11.4 Economics as a tool-based science and its evolution\r | 366 | ||
| 11.5 The brakes of the scientific engine\r | 370 | ||
| 11.6 The fundamental fields of scientific economics\r | 378 | ||
| 11.7 Conclusion\r | 386 | ||
| 12. Beyond Schumpeter's Evolutionary Economics \r | 389 | ||
| 12.1 The fields of evolutionary economics \r | 390 | ||
| 12.2 Evolutionary economic theory: general problems\r | 393 | ||
| 12.3 Evolutionary economic theory: specific mechanisms\r | 399 | ||
| 12.4 Evolutionary economic statistics\r | 407 | ||
| 12.5 Evolutionary economic history\r | 417 | ||
| 12.6 Evolutionary economics as a whole\r | 427 | ||
| End Matter\r | 431 | ||
| Appendices\r | 431 | ||
| A. Chronology\r | 433 | ||
| B. Literature on Schumpeter\r | 437 | ||
| C. Accessing and Grouping Schumpeter's Works\r | 441 | ||
| C.1 The Schumpeter Archives\r | 441 | ||
| C.2 Collections of Schumpeter's papers and letters\r | 442 | ||
| C.3 Translating Schumpeter's German texts\r | 443 | ||
| C.4 Subjects of Schumpeter's works\r | 445 | ||
| D. Some Tools for Evolutionary Analysis\r | 447 | ||
| D.1 The ecological approach to evolutionary analysis\r | 447 | ||
| D.2 The statistical approach to evolutionary analysis\r | 456 | ||
| Schumpeter's Works\r | 467 | ||
| Other References\r | 481 | ||
| Index of Schumpeter's Works\r | 503 | ||
| Index of Persons\r | 509 |