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This 7-page paper focuses on the economic theories of Joseph Schumpeter, how they challenged classical economics of the time, and whether they still apply to today's economic situations. Bibliography lists 4 sources.

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7 pages (~225 words per page)

File: D0_MTschump.rtf

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work the way they do. Its been Joseph Schumpeter and his theories, however, that have commanded the most respect - both throughout the 20th century and beyond. His theories have had such lasting power that theyre still used today to help explain certain economic glitches. In this paper, well discuss Schumpeters theories (especially those pertaining to business cycles) and determine if they have changed; and if so, how and why this change has occurred. Business Cycles and Planned Obsolescence In his book, Capitalism, Socialism and Democracy, written in 1942, Schumpeter defines the economy as one embracing "creative destruction" (Castelluccio, 2002). In other words, thanks to industrial revolution, the entire economic structure is one in which the "old" gets destroyed as it makes way for the "new" (Castelluccio, 2002). Furthermore, he adds, American consumers add to this cycle, mainly because they are always upgrading their goods (Castelluccio, 2002). Schumpeter, an Austrian-born economist, managed to shake up economics experts of the day as he was the first to challenge the classical economic theories of supply and demand (Anonymous, 1999). Instead, Schumpeter introduced the entrepreneur as the driving force of the economy, as one who would introduce new innovations, which would lead to profit, competition and ultimately recession (as the industry would shake out the deadweight) (Anonymous, 1999). He furthermore noted that a healthy economy wasnt one that was in equilibrium (in which supply equaled demand), but one that was constantly being destroyed and rebuilt, thanks to technological innovation (Anonymous, 1999). He also pointed out three economic cycles that supported his theories: the 18th century (that saw introduction of water ...

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