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Schumpeterian aspects of growth and its correlative classical and neoclassical approaches

Author

Listed:
  • Sergio A. Berumen

    (Departamento de Economía Aplicada I. Facultad de Ciencias Económicas. Universidad Complutense de Madrid.)

  • Francisco Llamazares

    (ESIC Business & Marketing School)

Abstract

Economic growth is a central concept in economic theory. Modern societies regard growth as an important determinant for rising standards of living. These effects can be observed not only in more goods and services but also in brand new products and processes. Investment in human capital is regarded as the very source of long-term, sustainable economic growth. The purpose of this article is to provide a brief description of economic growth, how to approach its measurement, and to provide a brief review of the Schumpeterian thought and the main schools that have undertaken its analysis.

Suggested Citation

  • Sergio A. Berumen & Francisco Llamazares, 2015. "Schumpeterian aspects of growth and its correlative classical and neoclassical approaches," Papeles de Europa, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Estudios Internacionales (ICEI), vol. 28(1), pages 116-137.
    • Handle: RePEc:ucm:padeur:v:28:y:2015:i:1:p:116-137
    DOI: 10.5209/rev_PADE.2015.v28.n1.50183
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    More about this item

    Keywords

    Economic growth; Schumpeterian thought; Classical and Neoclassical Approaches.;
    All these keywords.

    JEL classification:

    • B25 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Historical; Institutional; Evolutionary; Austrian; Stockholm School
    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • O42 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Monetary Growth Models
    • P59 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Other

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