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On Schumpeter, Services and Economic Change

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  • David L. McKee

Abstract

. Joseph A. Schumpeter, the Austrian‐American economist, worried about “Can capitalism survive” a generation ago, and so far it has. But his work poses these questions: How do growth and change take place in a free enterprise economy? Can his model for expansion through innovation and creative destruction through the competitive process be a basis for understanding present day industrial economies? He emphasized that capitalism was an evolutionary system and that the very need for newness or rejuventation should insure continual change in it. With respect to declining industries and firms the task of economics was to turn what might have been a rout into orderly retreat. And so he gave a limited blessing to certain monopoly practices deriving from a broader strategy, risk avoidance. Schumpeter's entrepreneurs have disappeared but innovative ability still is exercised, largely through issue‐specific consulting services in the burgeoning service sector, services that foster stability as well as change

Suggested Citation

  • David L. McKee, 1990. "On Schumpeter, Services and Economic Change," American Journal of Economics and Sociology, Wiley Blackwell, vol. 49(3), pages 297-306, July.
    • Handle: RePEc:bla:ajecsc:v:49:y:1990:i:3:p:297-306
    DOI: 10.1111/j.1536-7150.1990.tb02284.x
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    References listed on IDEAS

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    1. Norton, R D, 1986. "Industrial Policy and American Renewal," Journal of Economic Literature, American Economic Association, vol. 24(1), pages 1-40, March.
    2. William H. Leahy & David L. McKee, 1974. "On Goldfields, Libraries, Cities and Schumpeter," The American Economist, Sage Publications, vol. 18(1), pages 142-144, March.
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    Cited by:

    1. Faïz Gallouj, 1994. "Business Cycles and Service Innovations : Some Questions in the Light of Schumpeterian Thought [Cycles économiques et innovations de service : quelques interrogations à la lumière de la pensée schu," Post-Print halshs-01133084, HAL.
    2. Faïz Gallouj, 1999. "Interactional innovation: a neo-Schumpeterian model," Post-Print halshs-01113802, HAL.
    3. Faïz Gallouj, 1994. "Cycles économiques et innovations de service : à la lumière de la pensée schumpéterienne," Revue Française d'Économie, Programme National Persée, vol. 9(4), pages 169-213.
    4. Faïz Gallouj, 1993. "Cycles économiques et innovation de services : quelques interrogations à la lumière de la pensée schumpétérienne," Post-Print halshs-01114012, HAL.

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