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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
By Dr. Laurence S. Moss, Israel Kirzner, Mike Hassell & Laurence S. Moss
Narrated by Louis Rukeyser / 2 hours 32 minutes

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

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Frank Knight and the Chicago School
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Dr. Arthur M. Diamond, Jr., Israel Kirzner, Mike Hassell & Arthur M. Diamond
The Classical Economists
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Dr. E. G. West, Israel Kirzner, Mike Hassell & E. G. West
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
Monetarism and Supply Side Economics
Monetarism and Supply Side Economics
Dr. Arjo Klamer, Alan Reynolds, Israel Kirzner, Mike Hassell & Arjo Klamer
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
Joseph Schumpeter and Dynamic Economic Change
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Struggle over the Keynesian Heritage
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Thorstein Veblen and Institutionalism
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Dr. William Peterson, Israel Kirzner, Mike Hassell & William Peterson
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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