Théorie économique

Economic Cycles by Josef Schumpeter

One economist of the twentieth century whose ideas speak to us today is Joseph Alois Schumpeter (1883–1950). Looking at the number of articles and books quoting his name, it seems that researchers and analysts have recently rediscovered Schumpeter and his work (see, for example, Clemence 1988; Hagedoorn 1996; Lakomski-Laguerre 2006). According to an analysis published in the Journal of the History of Economic Thought, “annual citations to Schumpeter have continued to increase more than 50 years after his death. For social scientists, since the mid-1990s, annual citations to Capitalism, Socialism, and Democracy have even exceeded annual citations to Keynes’s General Theory ” (Diamond 2009, p. 538).

Throughout his life, Schumpeter always assigned a special place to the economic theory whose purpose was to deal with what he called “the economic mechanisms.” This chapter explores these mechanisms Schumpeter analyzed. Firstly, a brief introduction to Schumpeter’s business cycle theory will be presented. As we shall see, “innovations” tending to form “clusters” will disturb whatever equilibrium exists and are responsible for three different kinds of cycles that simultaneously unfold. The Schumpeterian vision of capitalism, seen as a dialectically evolving process (in the same tradition as Marx, Sombart, and Weber), will be discussed. Finally, Schumpeter’s thought may have a vital relevance to help us explain emerging issues (such as Globalization and international specialization of countries, industry dynamics, and endogenous growth).

SLIM A. [2019], “Economic Cycles by Joseph Schumpeter”, in A. Anquetil & T. Hoerber (eds), Economic theory and Globalization, Palgrave Macmillan, pp. 125-142.

fichier pdf SLIM A Chapter (Hal)

 

 

 

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