Schumpeter, J.A., 1934 (2008), The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest and the Business Cycle, translated from the German by Redvers Opie, New Brunswick (U.S.A) and London (U.K.): Transaction Publishers
Journal of Comparative Research in Anthropology and Sociology, Volume 3, Number 2, Winter 2012
12 Pages Posted: 12 Jul 2023
Date Written: 2012
Abstract
‘The Theory of Economic Development’ is still one of the most famous and influential books in the entire field of economics. This book was published when Joseph Schumpeter was only 28 years old and he considered it to be his seminal work. Since this book’s publication, Schumpeter’s reputation as a “prophet of innovation” (McCraw, 2007) has been firmly established. Just a few years ago, the well known economist Richard Swedberg (2007: 2) wrote that from “all the theories of entrepreneurship that exist, Schumpeter’s theory is still, to my mind, the most fascinating as well as the most promising theory of entrepreneurship that we have”. Last but not least, this book contains some significant elements used as foundations for building contemporary analysis which is labelled as being in the sphere of the economic sociology (Martinelli, 1994: 478-480).
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