The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle

Joseph A. Schumpeter

Dec 2011 · Social Science Classics Book 2 · Transaction Publishers

About this ebook

Schumpeter proclaims in this classical analysis of capitalist society first published in 1911 that economics is a natural self-regulating mechanism when undisturbed by "social and other meddlers." In his preface he argues that despite weaknesses, theories are based on logic and provide structure for understanding fact. Of those who argue against him, Schumpeter asks a fundamental question: "Is it really artificial to keep separate the phenomena incidental to running a firm and the phenomena incidental to creating a new one?" In his answers, Schumpeter offers guidance to Third World politicians no less than First World businesspeople. In his substantial new introduction, John E. Elliott discusses the salient ideas of The Theory of Economic Development against the historical background of three great periods of economic thought in the last two decades.

Ratings and reviews

Pay money only for translation? Even original book already have free examples of Shumpeter's book. Even in book we can see some ideas of equilibrium in our society without money. So it doesn't cost it.

I have tried to read this and decipher what on earth it is trying to say. It feels like a collection of long words not really saying much. I expected this to help me understand economic development and it just got me even more confused. It really did not help me at all

About the author

Joseph A. Schumpeter (1883-1950) was professor of economics at the University of Graz and at Bonn. He also served as Austrian minister of finance. He later moved to the United States where he taught at Harvard University until his death. His works include Business Cycles, History of Economic Analysis, and Capitalism, Socialism, and Democracy.

John E. Elliott is professor of economics, University of Southern California. He has edited the volumes Economic Issues and Policies and Competing Philosophies in American Political Economies