Happy Birthday (posthumously, of course) to Joseph Schumpeter (a.k.a., Jozsi, Schum, Schumy, Schump, Go-Go, and probably some less flattering names as well), born on February 8, 1883. We’ve had a lot of fun with Schumpter over the past few years, including several iterations of Schumptoberfest (see here, here, and here), as well as an entire reading group built … Continue reading Schumpeter Turns 130
For those of you who can’t get enough Schumpeter, Esben Sloth Andersen’s has a (somewhat) recent take in Joseph A. Schumpeter: A Theory of Social and Economic Evolution Arthur Diamond has the review at the Economic History Association website, EH.net. Here’s an excerpt: Andersen’s book invites comparison with business historian Thomas McCraw’s (2007) comprehensive intellectual … Continue reading New(ish) Schumpeter Bio
SCHUMPETERFEST, OCTOBER 22, 2010 Warch Campus Center Saturday, October 22, 4:30 p.m. David A. Hounshell Roderick Professor of Technology & Social Change Carnegie Mellon University I present a brief overview of Joseph A. Schumpeter’s fundamental theory of innovation and the entrepreneurial function in capitalism. I further demonstrate how Schumpeter realized that the principal locus of … Continue reading The World Schumpeter Made, or the World That Made Schumpeter?
Historian David Hounshell from Carnegie Mellon University will be on campus this weekend to deliver a talk, “The World Schumpeter Made: Innovation, Entrepreneurship, and the New Economy.” Professor Hounshell has deep knowledge of the U.S. innovation system, and the talk will touch on who funds R&D and why it matters. If you would like to … Continue reading Coming Saturday: “The World Schumpeter Made”
Nathan Rosenberg explicates Schumpeter’s Marxist proclivities in the most recent issue of Industrial and Corporate Change. Was Schumpeter a Marxist? Abstract: This article explores the degree to which Joseph Schumpeter may be regarded as a follower of Karl Marx. It argues that Schumpeter and Marx shared a common vision, including agreement on the growth in … Continue reading Schumpeter a Marxist? “Not so fast,” says Galambos
Mary Jane Jacob’s convocation lecture, “The Collective Creative Process,” is Tuesday at 11 at the Lawrence Chapel. Here is the lowdown: Jacob is an independent curator known for her innovative, creative and collaborative projects Executive Director of Exhibitions at the Art Institute of Chicago, Jacobs has published many books and articles that examine ways to … Continue reading Schumpeter Birthday Convocation
Having dispensed with the ever-dynamic Marx, the Schumpeter Roundtable continues through Capitalism, Socialism, and Democracy this week with a close read of Part II — Can Capitalism Survive? After some wonderful writing on Creative Destruction in Chapter VII, we move on to the projected demise of capitalism, oh, sometime in the next 100 years or … Continue reading The Intellectual and the Marketplace — Schumpeter & Stigler
Today we are treated to a discussion of the fashion industry from Ms. Richter & Ms. Li. The first from the Schumptoberfest collection. Enjoy! ______________________________________________________________ “The evolution of the capitalist style of life could be easily – and perhaps most tellingly – described in terms of the genesis of the modern Lounge Suit.” -Joseph Schumpeter … Continue reading Schumpeter and the Fashion Industry
In the paragraphs below, I attempt to both summarize McGraw’s description of Schumpeter’s contribution to business cycles and add a few comments as to where his reasoning might help us interpret a post 1950 world. For many years, Schumpeter focused his scholarly attention on understanding the ups and downs in the economy known as business … Continue reading Schumpeter and Business Cycles
The folks over at Organizations & Markets remind us that it’s Schumpeter Day again (where does the time go?). The nation-wide celebrations commemorate the birthday of the prominent economist, who plied us with such memorable lines as this: The process of Creative Destruction is the essential fact about capitalism … it is not [price] competition … Continue reading Schumpeter Day Tea, That Is
There is a very interesting post over at the Organizations and Markets blog about the relationship between Josef Schumpeter and Paul Samuelson. Samuelson, who died Sunday at the age of 94, is the Nobel Prize winning economist who shaped and then dominated the introductory textbook market for decades. In one of his more audacious moments, … Continue reading Samuelson and Schumpeter at O&M
What distinguishes the ‘scientific’ economist from all the other people who think, talk, and write about economic topics is a command of techniques that we class under three heads: history, statistics, and ‘theory.’ The three together make up what we call Economic Analysis. That’s Joseph Schumpeter in Chapter 2 of his famous History of Economic Analysis. … Continue reading Innovation in Everything
Once again it’s time where I (sometimes) remember to post the Vegas odds on the Nobel Prize in Economics. Here are the venerable Thomson Reuters predictions for the 2014 cycle: Philippe M. Aghion and Peter W. Howitt for contributions to Schumpeterian growth theory William J. Baumol and Israel M. Kirzner for their advancement of the … Continue reading The 4th or Possibly the 5th Predict the Nobel Prize in Economics Competition
Remarkably, this is the 1000th post on the Lawrence Economics Blog. Wow. Along the way, we have demonstrated that economists are in surprising agreement about a surprising number of things, though we tend to differ from Lawrence students. We have had some actual economic analysis, such as explaining Giffen Goods to Matthew Yglesias, evaluating the argument that a great wine shortage … Continue reading Millennials
2 or 3 Units. Professor Gerard Prerequisites: ECON 400 or 450, ECON 380, Junior or Senior Standing, and Permission of Instructor This reading group is a continuation of Economics 450, intended for students with a continuing interest in organizational economics. Click for the provisional reading list:
One of my favorite economists died earlier this week, Armen Alchian of the UCLA school of economics. If you don’t feel like reading any further, there is a Wall Street Journal obituary that probably says whatever I say, only better. But, since he’s had such a pronounced impact on how I think and what I teach, … Continue reading Armen Alchian: You tell me the rules and I’ll tell you what outcomes to expect
– The Institutional Revolution: The Duel of Honor Douglas W. Allen Simon Fraser University The duel of honor – can you think of a more romantic topic for a St. Valentine’s Day lecture? The duel would seem to be a barbaric practice from an anachronistic age. Yet, Professor Allen provides a cogent theory of dueling, arguing … Continue reading Economics Colloquium, Thursday at 4:30
Harvard’s Ken Rogoff — of Reinhart and Rogoff fame — has a delicious Project Syndicate piece on the dueling theories of current global economic woes — “Innovation Crisis or Financial Crisis?” As the title implies, once potential cause is that new innovation is simply not bringing the value added to world economic growth — advances … Continue reading Innovation or Stagnation?
The Federal Reserve Bank of the US has followed a zero interest rate policy (ZIRP) since fall 2008. It has employed a variety of mechanisms to lower not only overnight loans between banks (the Federal Funds rate – its usual target) but also to lower the entire yield curve. (See the details at the Federal … Continue reading ZIRP: The New Free Lunch? Don’t Bet on It.
Schumptoberfest 2012 is taking place this weekend on the Grinnell College campus. We started this back in 2010 with a group of students as a Bjorklunden retreat, and for the past two years the Associated Colleges of the Midwest has provided funding to bring in faculty and students to talk about innovation and entrepreneurship in the liberal … Continue reading Schumptoberfest 2012