During the last two decades we have seen a revival of interest in the works of Joseph Schumpeter and “evolutionary” ideas in economics more generally. A professional society honouring Schumpeter's name has been founded, and linked to it we have had for more than fifteen years now a professional journal devoted to this stream of thought. However, it has been argued that, despite these developments, the link between Schumpeter's own work and the more recent contributions to evolutionary economics is in fact rather weak. This paper considers this claim. Based on an analysis of Schumpeter's contribution to economics the paper presents an overview and assessment of the more recent literature in this area. It is argued that although there are important differences between Schumpeter's work and some of the more recent contributions, there nevertheless remains a strong common core that clearly distinguishes the evolutionary stream from other approaches (such as, for instance, so-called “new growth theory”).

/pdf/schumpeter-and-the-revival-of-evolutionary-economics-an-317d57q18o.pdf

Schumpeter and the revival of evolutionary economics: an appraisal of the literature

http://www.peri.umass.edu/fileadmin/pdf/financial/fin_akyuz.pdf

The Making of the Turkish Financial Crisis

David Colander has been writing about economic methodology for over 30 years, but he goes out of his way to emphasize that he does not see himself as a methodologist. His pragmatic methodology is applicable to what economists are doing and attempts to answer questions that all economists face as they go about their work. The articles collected in this volume are divided, with the first part providing a framework underlying Colanderâ€™s methodology and introducing Colanderâ€™s methodology for economic policy within that framework. Part two presents Colanderâ€™s view on the methodology for microeconomics, while part three looks at Colanderâ€™s methodology for macroeconomics. The book closes with discussions of broader issues.

The death of neoclassical economics

The generic features of an evolutionary theory which are identified in the conceptional discussion of the present paper can be shown to be present already in Schumpeter's 1912 work, The Theory of Economic Development . None the less, it is argued that Schumpeter fell short of a level of generality by which he would have succeeded in providing a true foundation for evolutionary economics. The reason is his eagerness--very clearly visible in the "lost" seventh chapter--to align his theory with the economic reasoning of contemporary "pure" economic theory that was moulded in an equilibrium-oriented heuristic and the methodology of comparative statics. Schumpeter's conception--which, in opposing the idea of borrowing from Darwinian thought, he called "development"--is rather a special theory of the unsteady capitalist growth process passing through booms and crises. Throughout all of Schumpeter's writings the notion of development is therefore closely related to the business cycle phenomenon. The paper argues...

/pdf/how-evolutionary-is-schumpeter-s-theory-of-economic-2jl694jnfc.pdf

How evolutionary is schumpeter's theory of economic development?

According to the folk history of transaction costs, the concept is due to a seminal article by Ronald H. Coase, written in the 1930s. Failing to provide an operational framework, Coase's article was neglected for a long time, or so the story continues. In the 1970s, after the limits of the Arrow-Debreu paradigm had become obvious, several authors, including Oliver E. Williamson, Kenneth J. Arrow, Armen A. Alchian, and Harold Demsetz, took up the notion of transaction costs and turned it into a useful analytical tool. Partly responsible for this sudden upsurge of interest was an article by Coase in which he allegedly proposed the now famous “Coase Theorem.”

https://www.cambridge.org/core/services/aop-cambridge-core/content/view/S1053837200006441

The History of the Concept of Transaction Costs: Neglected Aspects

An Outline of the History of Economic Thought: Translated by David Field.

A Case Study of Response to Agricultural Prices in Costa Rica

In this major scholarly study of the life of Joseph A. Schumpeter, one of the great intellectual figures of the twentieth century, the distinguished economist Wolfgang Stolper delves into the mind of his former teacher, exploring the development of his ideas and, especially, their influence on politics and public policy. After reflecting briefly on Schumpeter the man, Stolper explains the evolution of Schumpeter's work, particularly his insights during the 1920s on public finance, his contributions to monetary theory and the study of business cycles, and his writings on socialism. Stolper goes on to describe and evaluate Schumpeter's public activities following World War I and his role as a finance minister, placing the development of his thought in the turbulent political context of his times. Drawing on a vast array of new and exciting sources, Stolper paints a portrait of his mentor as a decent, ambitious, and complex man whose many insights into economy and society found their way outside of the academy and into the practical world of economic policy. All readers interested in the history of economic thought and twentieth-century political and intellectual history will find this book invaluable.

Joseph Alois Schumpeter: The Public Life of a Private Man.

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An Outline of the History of Economic Thought: Translated by David Field.

A Case Study of Response to Agricultural Prices in Costa Rica

Joseph Alois Schumpeter: The Public Life of a Private Man.