“Capitalism, Socialism & Democracy,” J. Schumpeter (1942)

A Fine Theorem

A professor of mine once said that Schumpeter’s CSD is the most misunderstood book in economics. I think that’s probably right. I also think that, to the extent that Schumpeter has lately entered the economics Pantheon, his admirers ought not hang their hat on this particular book; there’s a story out there that Frank Knight called CSD good dinner-table conversation and nothing more, which also strikes me as pretty accurate. Schumpeter could also have used a bit more of the mathematization that he encouraged in students of his like Samuelson – his ideas about cycles of entrepreneurial activity being the cause of the business cycle seem mighty strange in retrospect (no surprise that Schumpeter was more or less a failure as a Finance Minister!). The book is not short, so I just want to expand here on a few points: Schumpeter on socialism, his ideas on education, and his argument…

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About Jim Rose

Utopia - you are standing in it promotes a classical liberal view of the world and champion the mass flourishing of humanity through capitalism and the rule of law. The origin of the blog is explained in the first blog post at https://utopiayouarestandinginit.wordpress.com/2014/03/12/why-call-my-blog-utopia-you-are-standing-in-it/

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