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Schumpeter's early contributions on crises theory and business-cycle theory

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  • Harald Hagemann

    (University of Hohenheim, Stuttgart, Germany)

Abstract

The article describes Schumpeter’s early contributions on business-cycle theory, particularly his 1910 essay “On the Nature of Economic Crises”, and the evolution of his thought on the issues involved in his Theory of Economic Development over a period of three decades until his Business Cycles (1939). From the very beginning Schumpeter made it clear that his theoretical system is based on the fundamental distinction between statics and dynamics. Therefore his use of the core concepts ‘statics’ and ‘dynamics’ is discussed in greater detail. Comments on the central Wgure of the innovative entrepreneur and the importance of credit for causing cyclical Xuctuations in the economy follow. The paper concludes with Schumpeter’s idea of the business cycle as a superposition of diVerent waves.

Suggested Citation

  • Harald Hagemann, 2003. "Schumpeter's early contributions on crises theory and business-cycle theory," History of Economic Ideas, Fabrizio Serra Editore, Pisa - Roma, vol. 11(1), pages 47-67.
    • Handle: RePEc:hid:journl:v:11:y:2003:1:3:p:47-67
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    Cited by:

    1. Georg Blind & Andreas Pyka, 2015. "Erich Schneider: The admiring disciple who did not become a follower," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 239-252, January.
    2. Hagemann, Harald, 2010. "L. Albert Hahn's Economic Theory of Bank Credit," Department of Economics Working Paper Series 134, WU Vienna University of Economics and Business.
    3. Michaël Assous & Muriel Dal Pont Legrand & Harald Hagemann, 2016. "Business cycles and growth," Chapters, in: Gilbert Faccarello & Heinz D. Kurz (ed.), Handbook on the History of Economic Analysis Volume III, chapter 4, pages 27-39, Edward Elgar Publishing.
    4. Harald Hagemann, 2015. "Capitalist development, innovations, business cycles and unemployment: Joseph Alois Schumpeter and Emil Hans Lederer," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 117-131, January.
    5. Dal Pont Legrand, Muriel & Hagemann, Harald, 2017. "Business Cycles, Growth, And Economic Policy: Schumpeter And The Great Depression," Journal of the History of Economic Thought, Cambridge University Press, vol. 39(1), pages 19-33, March.
    6. Gregor Semieniuk & Emanuele Campiglio & Jean‐Francois Mercure & Ulrich Volz & Neil R. Edwards, 2021. "Low‐carbon transition risks for finance," Wiley Interdisciplinary Reviews: Climate Change, John Wiley & Sons, vol. 12(1), January.
    7. Vipin P. Veetil, 2021. "Schumpeter’s business cycle theory and the diversification argument," Evolutionary and Institutional Economics Review, Springer, vol. 18(1), pages 273-288, April.
    8. Muriel Dal-Pont Legrand & Harald Hagemann, 2015. "Can Recessions be 'Productive'? Schumpeter and the Moderns," GREDEG Working Papers 2015-23, Groupe de REcherche en Droit, Economie, Gestion (GREDEG CNRS), Université Côte d'Azur, France.
    9. Harald Hagemann, 2010. "Schumpeter on Marshall," Chapters, in: Tiziano Raffaelli & Giacomo Becattini & Katia Caldari & Marco Dardi (ed.), The Impact of Alfred Marshall’s Ideas, chapter 24, Edward Elgar Publishing.

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