Schumpeter’s Theory of Economic Development: A Study of the Creative Destruction and Entrepreneurship Effects on the Economic Growth

Journal of Insurance and Financial Management, Vol 4, No 3 (2021)

17 Pages Posted: 16 Apr 2018 Last revised: 31 Jan 2022

Date Written: June 21, 2017

Abstract

This paper provides a multifaceted review and analysis of the Schumpeter’s Theory of Economic Development and specifically the creative destruction effect intertwined with the business cycles, and their effectiveness in explaining the long-run economic growth by first, looking into the main features of this theory; second, comparing the fundamental similarities and differences of Schumpeter theory with respect to Marxism and Keynesianism, third; a comparison of “Schumpeter” effect vs. the “refugee” effect in recent published researches, and finally, the relationship of Schumpeterian and Kirznerian opportunities in modern entrepreneurship.

Keywords: Schumpeter, Creative Destruction, Capitalism, Kirznerian, Marxism, Keynesianism, Economic Growth, Business Cycle, Entrepreneurship

JEL Classification: A12, B13, B31, B52

Suggested Citation

Emami Langroodi, Farrokh, Schumpeter’s Theory of Economic Development: A Study of the Creative Destruction and Entrepreneurship Effects on the Economic Growth (June 21, 2017). Journal of Insurance and Financial Management, Vol 4, No 3 (2021), Available at SSRN: https://ssrn.com/abstract=3153744 or http://dx.doi.org/10.2139/ssrn.3153744

Farrokh Emami Langroodi (Contact Author)

Goethe University Frankfurt ( email )

House of Finance
Theodor-W.-Adorno-Platz 3
Frankfurt am Main, Hessen 60323
Germany

HOME PAGE: http://https://www.wiwi.uni-frankfurt.de/en/home.html

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
3,033
Abstract Views
13,957
rank
5,949
PlumX Metrics