Schumpeter's Business Cycles as Business History

From: Business History Review | Date: July 1, 2006| Author: McCraw, Thomas K | Copyright information

Business Cycles was Joseph Schumpeter's least successful book, measured by its professed aims and several other yardsticks. Yet the book has two vital aspects that have largely been overlooked. First, the prodigious research that went into its writing caused a significant change in Schumpeter's thinking about capitalism. It moved him to a more historical and empirical approach that shaped nearly all his subsequent work. And second, much of the book constitutes a preview of modern, rigorous bu...

Read all of this article with a FREE trial to HighBeam Research

Related newspaper, magazine, and journal articles from HighBeam Research

The microeconomic foundations of business cycles: from institutions to autocatalytic networks.
Journal of Economic Issues ; In his seminal book Capitalism, Socialism, and Democracy, Joseph Schumpeter argued that the very nature of capitalism is economic change and that capitalism never was nor will it ever be stationary (1976). Large-scale fluctuations are one of the key aspects of nonstationary behavior of market
The effect of business cycles on growth: Keynes vs Schumpeter
Economic Inquiry ; VIVEK H. DEHEJIA and NICHOLAS ROWE* In contrast to recent `neo-Schumpeterian' models, which argue that business cycles are good for growth, we develop a `neo-Keynesian ' model, where monopolistically competitive firms set prices and produce output in advance of the realization of (stochastic)
Wesley Mitchell's grand design and its critics: the theory and measurement of business cycles.
Journal of Economic Issues ; Business cycles are a type of fluctuation found in the aggregate economic activity of nations who organize their work mainly in business enterprises: a cycle consists of expansions occurring at about the same time in many economic activities, followed by similarly general recessions, contractions,
Beyond Shocks: What Causes Business Cycles?(Review)
New England Economic Review ; What Causes Business Cycles? Beyond Shocks: What Causes Business Cycles? the proceedings of an economic conference sponsored by the Federal Reserve Bank of Boston in June 1997, is now available. The conference, forty-second in a series, brought together national and international policymakers,
Real business cycles: A legacy of countercyclical policies
Credit & Financial Management Review ; Abstract Business cycles have troubled market-oriented economies since the dawn of the industrial age. The upward march of living standards in capitalistic countries has been repeatedly punctuated by periods of markedly high unemployment rates and slow growth or an outright decline in the living
Have UK and Eurozone business cycles become more correlated?
National Institute Economic Review ; Recent estimates suggest that the UK business cycle is closer to the Eurozone business cycle than it was in the early 1990s. This paper investigates whether this phenomenon has been accompanied by increased correlation between UK and Eurozone business cycles. Considering a range of alternative
Do you believe in business cycles?(Growth Curves)
CircuiTree ; When was the last time you saw a consumer stride up to a store counter and demand, Show me one with the latest in PCBs. I want the exciting buildup type they were talking about on the TV last night. No? That is because the market for PCBs is created and driven by the markets for electronic goods.
Prominent economics professor announces departure on eave of Nobel announcement.
Saint Paul Pioneer Press (St. Paul, Minn.) (via Knight-Ridder/Tribune News Service) ; Byline: MIKE HUGHLETT Edward Prescott, a prospective Nobel Prize award winner and one of the University of Minnesota's most prominent economics professors, will exit the U of M for Arizona State University. The announcement was made Tuesday by Arizona State. The winner of the 2003 Nobel Prize for
Prominent economics professor announces departure on eave of Nobel announcement.(Knight Ridder Newspapers)
Knight Ridder/Tribune News Service ; Byline: MIKE HUGHLETT Edward Prescott, a prospective Nobel Prize award winner and one of the University of Minnesota's most prominent economics professors, will exit the U of M for Arizona State University. The announcement was made Tuesday by Arizona State. The winner of the 2003 Nobel Prize for
Identifying Canadian regional business cycles using the plucking model.
Canadian Journal of Regional Science ; Abstract Following the econometric specification suggested by Kim and Nelson (1999b), the plucking model (Friedmann 1964, 1993) is tested using output data from the Canadian regions. The empirical results give strong support to the theoretical predictions that negative transitory shocks hit the