The Worldly Philosophers - The Contradictions of Joseph Schumpeter Summary & Analysis

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The Contradictions of Joseph Schumpeter Summary and Analysis

Joseph Schumpeter was an Austrian economist, educated at the University of Vienna. While working for an Egyptian princess, he wrote The Theory of Economic Development which examines how the development process takes place in capitalism. Schumpeter approaches the subject in a unique way; he looks at an economy without any economic growth. There is no growth because there is no accumulation of capital. This economy's circular flow never changes and resource owners are paid the full value of their contribution and the capitalist only receives his wage for management. "That is because any contribution to the value of output that was derived from capital goods they owned would be entirely absorbed by the value of the labor that went into making those goods plus the value of the resources they contained. Thus, exactly...

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