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The Beat of the Economic Heart: Joseph Schumpeter and Arthur Spiethoff on Business Cycles

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  • Kurz, Heinz D.

Abstract

The paper discusses the relationship between Arthur Spiethoff and Joseph A. Schumpeter, the men and their works. Had it not been for Spiethoff Schumpeter would in all probability have forever been lost to scientific work. It was Spiethoff who brought the Austrian back to academia and research after a sequence of serious mishaps in politics and banking. Spiethoff's contribution to an analysis of business cycles is then summarized and important similarities and some differences between it and Schumpeter's are pointed out. The view of Spiethoff and Schumpeter that cycles are endogenous and cannot possibly be eliminated without at the same time eliminating the dynamism of the capitalist economy is then couterposed with views of some of their contemporaries and particularly modern mainstream macroeconomics that this is not so.

Suggested Citation

  • Kurz, Heinz D., 2010. "The Beat of the Economic Heart: Joseph Schumpeter and Arthur Spiethoff on Business Cycles," MPRA Paper 20429, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:20429
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    References listed on IDEAS

    as
    1. Blaug,Mark, 1997. "Economic Theory in Retrospect," Cambridge Books, Cambridge University Press, number 9780521577014, November.
    2. Kurz, Heinz D., 2008. "Innovations and profits: Schumpeter and the classical heritage," Journal of Economic Behavior & Organization, Elsevier, vol. 67(1), pages 263-278, July.
    3. Harald Hagemann & Heinz D. Kurz (ed.), 1998. "Political Economics in Retrospect," Books, Edward Elgar Publishing, number 761.
    4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, vol. 22(1), pages 3-42, July.
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    Cited by:

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    2. Ferlito, Carmelo, 2015. "Entrepreneurship: State of grace or human action? Schumpeter’s leadership vs Kirzner’s alertness," MPRA Paper 67694, University Library of Munich, Germany.

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    More about this item

    Keywords

    Schumpeter; Spiethoff; business cycles; innovations; creative destruction;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development

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