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Joseph Schumpeter, Alfred Marshall and the nature of restless capitalism

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  • Stan Metcalfe

    (Manchester Institute of Innovation Research, The University of Manchester)

Abstract

This lecture explores the evolution of economics as a discipline during 1870-1920, focusing on the critical question of wealth creation from knowledge. It highlights the tension between understanding economic structures and their transformative growth, with special attention to Alfred Marshall and Joseph Schumpeter's insights on the evolving nature of capitalism and innovation's role in economic development. By contrasting their views — Schumpeter's emphasis on disruptive innovation and Marshall's on gradual change — the lecture underscores the significance of innovation and knowledge in driving economic transformation. This discussion aims to illuminate the complex relationship between knowledge, innovation, and economic dynamics, essential for understanding the workings of modern economies.

Suggested Citation

  • Stan Metcalfe, 2024. "Joseph Schumpeter, Alfred Marshall and the nature of restless capitalism," MIOIR Working Paper Series 2024-02, The Manchester Institute of Innovation Research (MIoIR), The University of Manchester.
    • Handle: RePEc:bdj:smioir:2024-02
    as

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    File URL: https://pure.manchester.ac.uk/ws/portalfiles/portal/297517054/mioir.wp.2024-02_1_.pdf
    File Function: Submitted version (MIOIR WP Series), 2024
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    References listed on IDEAS

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    Keywords

    Economic Evolution; Innovation and Growth; Schumpeter and Marshall; Wealth from Knowledge; Historical Economics;
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