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Schumpeter's Economic Theory and the Dynamic Accounting View of the Firm: Neglected Pages from the Theory of Economic Development

Economy and Society, Vol. 37, No. 4, pp. 525-547, November 2008

Posted: 1 Oct 2008  

Yuri Biondi

French National Center for Scientific Research (CNRS)

Date Written: November 1, 2008

Abstract

The first English translation of some of Schumpeter's (1926) pages of the "Theory of Economic Development" is presented. These neglected pages are remarkable because they significantly add to Schumpeter's masterpiece on a number of issues concerned with accounting, law and economics of the firm. They show that Schumpeter considered understanding the firm, together with innovation, as important scientific problems. Schumpeter doubts the explanatory value of proprietary entrepreneurship and provides an early justification of the dynamic entity view of business activity generated by the firm as a becoming concern. He discusses its implications for understanding issues of economic organization and corporate governance, and suggests some theoretical insights concerning business capital and money under conditions of real dynamics and complexity. The doors opened by Schumpeter indicate that money and accounting are fundamentally coupled as complementary institutions in framing and shaping the economic and monetary process of the firm as an enterprise entity.

Keywords: economic theory of the firm, economic organization, corporate governance, enterprise entity, intangibles, fair value, accounting and economics, business law and economics, dynamic theory of capital and money

JEL Classification: A12, B25, B31, M20, M40, G30

Suggested Citation

Biondi, Yuri, Schumpeter's Economic Theory and the Dynamic Accounting View of the Firm: Neglected Pages from the Theory of Economic Development (November 1, 2008). Economy and Society, Vol. 37, No. 4, pp. 525-547, November 2008. Available at SSRN: https://ssrn.com/abstract=1276167

Yuri Biondi (Contact Author)

French National Center for Scientific Research (CNRS) ( email )

IRISSO - University Paris Dauphine PSL
Place Marechal Lattre Tassigny
75016 Paris
France

HOME PAGE: http://yuri.biondi.free.fr/

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