منابع مشابه
Where Schumpeter was nearly Right – the Swedish
In Capitalism, Socialism and Democracy Joseph A. Schumpeter concluded that socialism would eventually displace capitalism in Western democracies. This would come about as a result of the superior performance of capitalism. We extract six ”stylized” propositions that are essential elements of Schumpeter’s prediction about the fate of capitalism. These propositions are confronted with the develop...
متن کاملThe Inventor ’ s Role : Was Schumpeter Right ?
According to Schumpeter, the creative process of economic development can be divided into the three distinguishable stages of invention, innovation (commercialization) and imitation. Following this theory, invention and innovation require different skills. This paper tests whether the invention and innovation stages should be undertaken by different agents. We also show why there is a rationale...
متن کاملWhy Schumpeter was Right: Innovation, Market Power, and Creative Destruction in 1920s America
Association. All rights reserved. ISSN 0022-0507. Tom Nicholas is an economics consultant for the Brattle Group. E-mail: [email protected]. The data on which this article is based were collected under a British Academy Postdoctoral Fellowship at the London School of Economics. I am very grateful to the Economic History Department for hosting me and for providing a congenial atmosphere fo...
متن کاملMalthus was right after all: poor relief and birth rates in southeastern England.
The payment of child allowances to laborers with large families was widespread in early nineteenth-century England. This paper tests Thomas Malthus's hypothesis that child allowances caused the birth rate to increase. A cross-sectional regression model is estimated to explain variations in birth rates across parishes in 1826-30. Birth rates are found to be related to child allowances, income, a...
متن کاملCoordination Failures and the Lender of Last Resort: Was Bagehot Right After All?
The classical doctrine of the Lender of Last Resort, elaborated by Bagehot (1873), asserts that the central bank should lend to “illiquid but solvent” banks under certain conditions. Several authors have argued that this view is now obsolete: when interbank markets are efficient, a solvent bank cannot be illiquid. This paper provides a possible theoretical foundation for rescuing Bagehot’s view...
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ژورنال
عنوان ژورنال: Journal of Economic Perspectives
سال: 1993
ISSN: 0895-3309
DOI: 10.1257/jep.7.3.87