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Joseph Schumpeter and Dynamic Economic Change
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Joseph Schumpeter and Dynamic Economic Change

Capitalism as “Creative Destruction”

The Great Economic Thinkers Series

Description

Joseph Schumpeter (1883–1950) viewed capitalism as a dynamic engine of progress. In his view, mature economic systems find a regular and stable routine of supply, demand, and exchange; Schumpeter called this the “circular flow.” Entrepreneurs interrupt this circular flow with new ideas and visions about the economic future, recombining existing resources to create new and more valuable products and services.

Schumpeter called capitalism a process of “creative destruction” because it overthrows old routines and methods of production. But he recognized that this process is unstable, and therefore unsettling, for those who have become accustomed to established ways. Schumpeter predicted growing political opposition to capitalism and a corresponding growth in socialism in the twentieth century.

The Great Economic Thinkers Series is a collection of audio presentations that explain, in understandable language, the major ideas of history’s most important economists. Special emphasis is placed on each thinker’s attitude toward capitalism, revealing their influence in today’s debate on economic progress and prosperity.


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The Great Economic Thinkers Series Series


The Classical Economists
The Classical Economists
Dr. E. G. West, Israel Kirzner, Mike Hassell & E. G. West
Karl Marx: Das Kapital
Karl Marx: Das Kapital
David Ramsay Steele, Dr. Israel Kirzner, Mike Hassell & Israel Kirzner
The German Historical School of Economics
The German Historical School of Economics
Dr. Nicholas Balabkins, Israel Kirzner, Mike Hassell & Nicholas Balabkins
Frank Knight and the Chicago School
Frank Knight and the Chicago School
Dr. Arthur M. Diamond, Jr., Israel Kirzner, Mike Hassell & Arthur M. Diamond
The Austrian Case for the Free Market Process
The Austrian Case for the Free Market Process
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
Joseph Schumpeter and Dynamic Economic Change
Joseph Schumpeter and Dynamic Economic Change
Dr. Laurence S. Moss, Israel Kirzner, Mike Hassell & Laurence S. Moss
Alfred Marshall and Neoclassicism
Alfred Marshall and Neoclassicism
Dr. Robert Hu00e9bert, Israel Kirzner, Mike Hassell & Robert Hébert
Early Austrian Economics
Early Austrian Economics
Dr. Israel Kirzner, Mike Hassell & Israel Kirzner
Thorstein Veblen and Institutionalism
Thorstein Veblen and Institutionalism
Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
Monetarism and Supply Side Economics
Monetarism and Supply Side Economics
Dr. Arjo Klamer, Alan Reynolds, Israel Kirzner, Mike Hassell & Arjo Klamer
Struggle over the Keynesian Heritage
Struggle over the Keynesian Heritage
Dr. Paul Davidson, Israel Kirzner, Mike Hassell & Paul Davidson
The Vision of Léon Walras
The Vision of Léon Walras
Dr. Donald Walker, Israel Kirzner, Mike Hassell & Donald Walker
The Keynesian Revolution
The Keynesian Revolution
Israel Kirzner, Dr. Frank Vorhies, Frank Vorhies, Mike Hassell & Fred Glahe

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