Edited by Robert W. Dimand and Harald Hagemann
Chapter 51: Joseph Alois Schumpeter
The relationship between Schumpeter and Keynes was complex. The birth of these two economic philosophers in 1883 surrounded the death of Karl Marx. All three had different visions of the functioning and the historical development of the capitalist system. Schumpeter, although praising him, considered Walras’s general equilibrium theory to be strictly static in character, and was much more interested in the dynamic development of the capitalist economy with its cyclical fluctuations. Marx’s analysis of capital accumulation and technical progress created a lifelong challenge for him. Keynes, however, was challenged by Marshallian analysis and focused more on short- and medium-run problems. Whereas Schumpeter had a high appreciation of some of Keynes’s earlier works, he was an extremely nasty critic of the General Theory.
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