Schumpeter's Unknown Article Development: A Missing Link Between Schumpeter's Theories of Economic Development, Business Cycles and Democracy

Markus C. Becker, Hans Ulrich Esslinger, Ulrich Hedtke, Thorbjørn Knudsen

Research output: Working paperResearch

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Abstract

The present article introduces Development, a new, unpublished and hitherto unknown article written by Joseph A. Schumpeter. It was originally written in 1932 and titled Entwicklung. Development is remarkable since it helps understand the unity of Schumpeter’s work and significantly adds to Schumpeter’s known works on a number of issues that were central to his theory of economic development. Development shows that Schumpeter considered the explanation of novelty as the most important unsolved scientific problem. For Schumpeter, entrepreneurship remained a good description of novelty, but, by his own admission in Development, nothing is explained thereby. On the optimistic side, Schumpeter indicates that theoretical advances might be forthcoming that can help a better understanding of the social dynamics which gives rise to novelty.
Original languageEnglish
Place of PublicationFrederiksberg
PublisherThe Link Program
Number of pages28
Publication statusPublished - 2002
Externally publishedYes
SeriesLINK Working Paper
Number2002-19

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