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Capitalism from a Schumpeterian Perspective as a Basic Stochastic Process

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Listed:
  • P. Buckholtz
  • John Hartwick
  • B. Madill
  • M.T. Wasan

Abstract

Risk is inherent in the investment process. The investor has no guarantee that a productive opportunity will be realized, that a potential product will find a market niche or a potential technique will lead to the production of a product with a market niche. We build an economy-wide model of this notion as a basic stochastic branching process. Sample histories are generated yielding limiting long run wealth distributions. Inspiration is drawn from Schumpeter's idea of "creative destruction".

Suggested Citation

  • P. Buckholtz & John Hartwick & B. Madill & M.T. Wasan, 1982. "Capitalism from a Schumpeterian Perspective as a Basic Stochastic Process," Working Paper 471, Economics Department, Queen's University.
    • Handle: RePEc:qed:wpaper:471
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