Title: Schumpeter's illuminating errors: when he was good, he was very good; when he was wrong he was suggestive
Authors: William J. Baumol
Addresses: New York University, 44 W. 4th Street, Suite 7-98, New York 10012, USA; Princeton University, USA
Abstract: Joseph Schumpeter is unquestionably the unique and leading voice in analysis of innovative entrepreneurship and its guiding role in economic growth. Yet, as is true of any author who undertakes such a pathbreaking task, some of his assertions have not been supported by subsequent analysis or later developments in the real world. However, such errors can be both creative and instructive. That is exactly why this paper focuses on these rare glitches in the Schumpeterian structure: each of them offers us insights that advance our understanding of this subject, which is so critical for the future welfare of society.
Keywords: Joseph Schumpeter; innovation; innovative entrepreneurship; risk; invention process; economic growth.
International Journal of Computational Economics and Econometrics, 2017 Vol.7 No.3, pp.256 - 264
Received: 19 Feb 2015
Accepted: 07 Jan 2016
Published online: 10 Jul 2017 *