by Schumpeter
[Journal Cover and Table of Contents]: Front matter for The Economic Journal, September 1928 issue, including the table of contents for articles, reviews, and notes, listing contributors such as Schumpeter, Robbins, and Keynes. [Economic Stability under Static Conditions]: Schumpeter defines economic stability within the capitalist system, distinguishing it from political or social instability. He argues that under static conditions, the system tends toward a determined and stable equilibrium, even in cases of monopoly and duopoly. He critiques Edgeworth's view of indeterminateness in trustified systems, utilizing Wicksell's proofs to maintain that the static apparatus remains a valid, though limited, tool for economic analysis. [Stability and Progress]: Schumpeter introduces his theory of economic development, centered on 'innovation' as a discontinuous force that disrupts static equilibrium. He distinguishes between competitive capitalism, where new firms drive progress through 'creative' disturbance, and trustified capitalism, where innovation becomes automatised and impersonal. He concludes that while capitalism is economically stable and tends to right its own instabilities, it creates a rationalized mentality that eventually undermines its own social institutions, leading toward a socialist order.
Front matter for The Economic Journal, September 1928 issue, including the table of contents for articles, reviews, and notes, listing contributors such as Schumpeter, Robbins, and Keynes.
Read full textSchumpeter defines economic stability within the capitalist system, distinguishing it from political or social instability. He argues that under static conditions, the system tends toward a determined and stable equilibrium, even in cases of monopoly and duopoly. He critiques Edgeworth's view of indeterminateness in trustified systems, utilizing Wicksell's proofs to maintain that the static apparatus remains a valid, though limited, tool for economic analysis.
Read full textSchumpeter introduces his theory of economic development, centered on 'innovation' as a discontinuous force that disrupts static equilibrium. He distinguishes between competitive capitalism, where new firms drive progress through 'creative' disturbance, and trustified capitalism, where innovation becomes automatised and impersonal. He concludes that while capitalism is economically stable and tends to right its own instabilities, it creates a rationalized mentality that eventually undermines its own social institutions, leading toward a socialist order.
Read full text