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What Does Schumpeter Have to Tell Us in a World of Disruptive Change?

In: Technological Revolution and New Driving Forces for Global Sustainable Development

Author

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  • Horst Hanusch

    (Universität Augsburg)

Abstract

Today, we are living in a “risk society.” In a “risk society,” the future is characterized as a socio-economic dimension where positive expectations are still alive, shaping society’s well-being. However, to a high degree, they are superimposed by negative risks of an existential quality like today’s escalating climate warming. “Existential risks” of this kind not only change the stability and flexibility of a complex socio-economic system, but they may bring the whole system into a situation of sudden collapse. Then, “existential risks” touch the system’s tipping point. What does all that mean for economists nowadays elaborating their insights and ideas in a Schumpeterian kind of thinking? How can the present situation of socio-economic systems reaching their tipping points be captured in a Schumpeterian approach? In which way has Schumpeterian thinking to be modified or transformed in order to deal with both sides of today’s socio-economic reality, the quest for “economic prosperity” as well as the need for “natural security”? These are all the questions that will be addressed in this chapter.

Suggested Citation

  • Horst Hanusch, 2024. "What Does Schumpeter Have to Tell Us in a World of Disruptive Change?," Springer Books, in: Yao Ouyang & Richard R. Nelson & Horst Hanusch (ed.), Technological Revolution and New Driving Forces for Global Sustainable Development, chapter 0, pages 5-17, Springer.
    • Handle: RePEc:spr:sprchp:978-981-97-7332-9_2
    DOI: 10.1007/978-981-97-7332-9_2
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