Dynamics, Statics, and the Stationary State

Samuelson, Paul A.

doi:10.2307/1924547

Cited by 46 publications

(11 citation statements)

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“…Apparently he agreed with his former student Paul Samuelson (1943), who defended the logical consistency of Schumpeter's argument, but also considered it dispensable for his overall theory. 14 Another difficulty with Schumpeter's reception, in particular for modern readers, can be found in his tendency to cast his theory with personalised characters, such as the 'entrepreneur' or the 'banker'.…”

Section: Reasons For Contemptmentioning

confidence: 56%

Schumpeter and Venture Finance: Radical Theorist, Broke Investor and Enigmatic Teacher

Peneder

Resch

2014

SSRN Journal

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Standard-Nutzungsbedingungen:Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden.Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen.Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in AbstractSchumpeter's relation to venture finance constitutes a fascinating yet so far unacknowledged chapter of his biography and financial history. Presenting new historical evidence and pointing out connections that have so far escaped attention, we first discuss Schumpeter's venture theory of money and banking, then his personal history as a broke investor in Vienna, and finally his influence on the emerging venture industry during his later years at Harvard. We show how the theoretical vision inspired his failed effort as a venture investor in the 1920s, and provided a powerful intellectual frame for the later development of venture finance in the 1940s. AbstractSchumpeter's relation to venture finance constitutes a fascinating yet so far unacknowledged chapter of his biography and financial history. Presenting new historical evidence and pointing out connections that have so far escaped attention, we first discuss Schumpeter's venture theory of money and banking, then his personal history as a broke investor in Vienna, and finally his influence on the emerging venture industry during his later years at Harvard. We show how the theoretical vision inspired his failed effort as a venture investor in the 1920s, and provided a powerful intellectual frame for the later development of venture finance in the 1940s.JEL Codes: B15, B52, N20, N80, O16

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Section: Reasons For Contemptmentioning

confidence: 56%

Schumpeter and Venture Finance: Radical Theorist, Broke Investor and Enigmatic Teacher

Peneder

Resch

2014

SSRN Journal

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“…For example according to Tinbergen (1937) [9] the model was a combination of multiplier and accelerator that could not give rise to cyclical behaviour, but could only lead to an explosive growth or to an equilibrium. Samuelson (1939) [10], (1943) [11], in a different formulation with lagged variables, found out that for a range of the multiplier and accelerator coefficients there was a cyclical behaviour.…”

Section: Literature Reviewmentioning

confidence: 99%

An Empirical Test on Harrod’s Open Economy Dynamics

Orlando

Rossa

2019

Mathematics

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This paper has the objective to empirically test Harrod's explanations of economic dynamics addressing both growth and business cycles. In particular we test Harrod's speculation that opening the economy to foreign trade could lead to a reduction of cyclical instability. The main variables determining the dynamic behaviour are wealth, savings, competitiveness and, therefore, balance of trade. The behaviour of the model under scrutiny is highly non-linear and the conclusion is that stable cycles are possible only under particular conditions. In fact, this empirical test shows a stable long-run pattern for those specific parameters.

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“…Controversial as it is, the question of whether this assertion is plausible or not is not relevant to us in this paper. Furthermore, as suggested by Samuelson (1943) Schumpeter's conception of the circular flow could be saved by interpreting that Schumpeter holds the less extreme version that there would exist a positive rate of interest in the stationary economy. Indeed, in the case referred by Schumpeter as 'steady-growth' and which is to be interpreted as a mere extension of the static case of the circular flow, both the rate of interest and saving can display positive values.…”

Section: (Hayek Introduction To the English Translation Of Monetary mentioning

confidence: 99%

Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter

Festré

2002

American J Econ Sociol

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ABSTRACT. This paper examines and compares, in both historical and theoretical perspectives, Hayek and Schumpeter's account of the role played by banks and credit in their respective explanations of business cycles. The first section is focused on the common inheritance of these two authors, which can be traced back to Wicksell, going from Mises whose Theory of Money and Credit provides, as we shall see, a crucial link in this perspective.

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Dynamics, Statics, and the Stationary State

Cited by 46 publications

References 0 publications

Schumpeter and Venture Finance: Radical Theorist, Broke Investor and Enigmatic Teacher

Schumpeter and Venture Finance: Radical Theorist, Broke Investor and Enigmatic Teacher

An Empirical Test on Harrod’s Open Economy Dynamics

Money, Banking and Dynamics: Two Wicksellian Routes from Mises to Hayek and Schumpeter

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