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Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing

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  • Richard Nelson

Abstract

While Schumpeter’s broad theory of how capitalist economies worked articulated in his Theory of Economic Development received strong attention in his lifetime, it was neoclassical economic theory that took hold of the profession in the last half of the twentieth century, and today few economists even read Schumpeter. The first part of this essay considers the reasons why Schumpeter largely has been ignored. However, recent developments have increased the interests of economists in innovation and in innovation driven economic activity, and the time now may be ripe for a renaissance of Schumpeterian economics. The second part of this essay provides a sketch of what an economics text-book, written from a Schumpeterian perspective, might look like. Copyright Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Richard Nelson, 2012. "Why Schumpeter has had so little influence on today’s main line economics, and why this may be changing," Journal of Evolutionary Economics, Springer, vol. 22(5), pages 901-916, November.
    • Handle: RePEc:spr:joevec:v:22:y:2012:i:5:p:901-916
    DOI: 10.1007/s00191-012-0296-y
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    References listed on IDEAS

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    1. Richard Nelson & Davide Consoli, 2010. "An evolutionary theory of household consumption behavior," Journal of Evolutionary Economics, Springer, vol. 20(5), pages 665-687, October.
    2. Nelson, Richard R., 2003. "On the uneven evolution of human know-how," Research Policy, Elsevier, vol. 32(6), pages 909-922, June.
    3. Dosi, Giovanni & Nelson, Richard R., 2010. "Technical Change and Industrial Dynamics as Evolutionary Processes," Handbook of the Economics of Innovation, in: Bronwyn H. Hall & Nathan Rosenberg (ed.), Handbook of the Economics of Innovation, edition 1, volume 1, chapter 0, pages 51-127, Elsevier.
    4. Nelson, Richard R. & Sampat, Bhaven N., 2001. "Making sense of institutions as a factor shaping economic performance," Journal of Economic Behavior & Organization, Elsevier, vol. 44(1), pages 31-54, January.
    5. Dopfer,Kurt (ed.), 2005. "The Evolutionary Foundations of Economics," Cambridge Books, Cambridge University Press, number 9780521621991, October.
    6. Nelson, Richard R, 1998. "The Agenda for Growth Theory: A Different Point of View," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 22(4), pages 497-520, July.
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    Cited by:

    1. Seokbeom Kwon & Jan Youtie & Alan Porter & Nils Newman, 2024. "How does regulatory uncertainty shape the innovation process? Evidence from the case of nanomedicine," The Journal of Technology Transfer, Springer, vol. 49(1), pages 262-302, February.
    2. Callegari, Beniamino & Nybakk, Erlend, 2022. "Schumpeterian theory and research on forestry innovation and entrepreneurship: The state of the art, issues and an agenda," Forest Policy and Economics, Elsevier, vol. 138(C).
    3. Frolov, Daniil & Lavrentyeva, Anna, 2014. "Metaphors and Analogies in Institutional Economic Theory," MPRA Paper 55011, University Library of Munich, Germany.
    4. Sidney G. Winter, 2017. "Pursuing the evolutionary agenda in economics and management research," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 41(3), pages 721-747.
    5. Kenza Qaoumi & Pascal Masson & Benoit Weil & Aytunç Ün, 2018. "Testing evolutionary theory of household consumption behavior in the case of novelty - a product characteristics approach," Journal of Evolutionary Economics, Springer, vol. 28(2), pages 437-460, April.
    6. Uzuegbunam, Ikenna & Geringer, J. Michael, 2021. "Culture, connectedness, and international adoption of disruptive innovation," Journal of International Management, Elsevier, vol. 27(1).
    7. Johnson, Dominic D.P. & Price, Michael E. & Van Vugt, Mark, 2013. "Darwin's invisible hand: Market competition, evolution and the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 90(S), pages 128-140.
    8. Richard R. Nelson, 2016. "Behavior and cognition of economic actors in evolutionary economics," Journal of Evolutionary Economics, Springer, vol. 26(4), pages 737-751, October.
    9. Nicolas Petit & David J Teece, 2021. "Innovating Big Tech firms and competition policy: favoring dynamic over static competition [Patterns of industrial innovation]," Industrial and Corporate Change, Oxford University Press and the Associazione ICC, vol. 30(5), pages 1168-1198.

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    More about this item

    Keywords

    Schumpeter; Innovation; Creative destruction; Evolutionary economics; B52; D01;
    All these keywords.

    JEL classification:

    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • D01 - Microeconomics - - General - - - Microeconomic Behavior: Underlying Principles

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