Wednesday, June 23, 2010
Posted by dkuehn at 9:39 AM
Richard Swedberg and Thorbjorn Knudsen use Schumpeter's ideas about combination and resistance to entrepreneurship as the basis of a new theory of entrepreneurship. Their ideas are presented in more detail in an earlier article here, in the journal Capitalism and Society. They suggest in the post that this theory of entrepreneurship can be developed into a business cycle theory, but they don't give much detail on how. I assume it's tied to the creative destruction associated with market innovation. For a policy-oriented Schumpterian perspective, see the Information Technology and Innovation Foundation, headed up by Rob Atkinson. I've been to a few of their events - it's a neat group. The group has one of those internet quizzes to figure out what kind of economist you are. The options are "supply-side economics, liberal neo-classical economics, Keynesian economics or innovation economics". I was "innovation economics" - the one they associate with Schumpeter. I imagine I fell out that way because what they call "Keynesian" was basically a mix of welfare-state liberalism and vulgar Keynesianism.