http://clubtroppo.com.au/2007/05/21/solow-on-schumpeter/ Sat, 11 Feb 2012 23:59:40 +0000 hourly 1 http://wordpress.org/?v=3.3 http://clubtroppo.com.au/2007/05/21/solow-on-schumpeter/#comment-120739 James Farrell Wed, 23 May 2007 06:23:03 +0000 http://clubtroppo.com.au/2007/05/21/solow-on-schumpeter/#comment-120739 That was well worth reading, especially for Solow's oral history. The point about Schempeter's supposed business cycle theory is well made. There really isn't much of a theory - dip into any history of thought textbook for a coherent statement of it and see how unsatisfying the experience is. It's also an interesting puzzle in the history of economic thought that so many great economists, including both admirers and critics of capitalism - were seduced by the notion of periodic cycles, which looks quaint from this distance. That was well worth reading, especially for Solow’s oral history. The point about Schempeter’s supposed business cycle theory is well made. There really isn’t much of a theory – dip into any history of thought textbook for a coherent statement of it and see how unsatisfying the experience is. It’s also an interesting puzzle in the history of economic thought that so many great economists, including both admirers and critics of capitalism – were seduced by the notion of periodic cycles, which looks quaint from this distance.

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