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Schumpeter: Theorist of the avant-garde

Author

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  • Erwin Dekker

    (Erasmus School of History, Culture & Communication
    George Mason University)

Abstract

This paper argues that Schumpeter’s 1911 edition of ‘Theory of Economic Development’ can be fruitfully read as a theory of the avant-garde, in line with such theories developed by artistic avant-garde around the same time, in particular by the Italian Futurists. In particular it will show that both Schumpeter and other avant-garde theorists sought to break with past (1), identify an avant-garde who could force that break (2), find new ways to represent the dynamic world (3), embrace the new and dynamic (4) and promote a perpetual dynamic process, instead of a specific end-state or utopia (5). This new reading helps us to understand the cultural meaning of this seminal text in economics. Secondly it greatly facilitates our understanding of the differences with the later interwar German edition and English edition, which were more cautious in their embrace of the new, less focused on the individual qualities of the entrepreneur and placed more emphasis on historical continuity. Thirdly this reading suggests a different reason for the bifurcation between Schumpeter and the rest of the Austrian school of economics. Traditionally this split is explained by Schumpeter’s affinities with the Lausanne School, this paper instead suggests that the crucial break between Schumpeter on the one hand and Böhm-Bawerk, Wieser and later members of the Austrian School on the other hand is their theory of and attitude toward social change.

Suggested Citation

  • Erwin Dekker, 2018. "Schumpeter: Theorist of the avant-garde," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 31(2), pages 177-194, June.
    • Handle: RePEc:kap:revaec:v:31:y:2018:i:2:d:10.1007_s11138-017-0389-9
    DOI: 10.1007/s11138-017-0389-9
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    References listed on IDEAS

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    1. Viktor Vanberg, 2015. "Schumpeter and Mises as ‘Austrian Economists’," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 91-105, January.
    2. Esben Sloth Andersen, 2002. "Railroadization As Schumpeter'S Standard Case: An Evolutionary-Ecological Account," Industry and Innovation, Taylor & Francis Journals, vol. 9(1-2), pages 41-78.
    3. Jurgen Backhaus, 2002. "The Seventh Chapter Of Schumpeter'S The Theory Of Economic Development Presentation," Industry and Innovation, Taylor & Francis Journals, vol. 9(1-2), pages 91-92.
    4. Dekker,Erwin, 2019. "The Viennese Students of Civilization," Cambridge Books, Cambridge University Press, number 9781107565661, January.
    5. Markus Becker & Thorbjørn Knudsen & Richard Swedberg, 2012. "Schumpeter’s Theory of Economic Development: 100 years of development," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 917-933, November.
    6. Joseph A. Schumpeter, 2002. "New Translations from Theorie der wirtschaftlichen Entwicklung," American Journal of Economics and Sociology, Wiley Blackwell, vol. 61(2), pages 405-437, April.
    7. Ursula Backhaus, 2002. "Seventh Chapter Of The Theory Of Economic Development," Industry and Innovation, Taylor & Francis Journals, vol. 9(1-2), pages 93-145.
    8. Kurt Rothschild, 2015. "Eduard März and Joseph Schumpeter," Journal of Evolutionary Economics, Springer, vol. 25(1), pages 229-237, January.
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    Cited by:

    1. Stefan Kolev, 2020. "The legacy of Max Weber and the early Austrians," The Review of Austrian Economics, Springer;Society for the Development of Austrian Economics, vol. 33(1), pages 33-54, March.

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    More about this item

    Keywords

    Schumpeter; Avant-garde; Economic development; Modernism; Futurism;
    All these keywords.

    JEL classification:

    • A12 - General Economics and Teaching - - General Economics - - - Relation of Economics to Other Disciplines
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • O00 - Economic Development, Innovation, Technological Change, and Growth - - General - - - General

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