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    Schumpeter's contribution to price theory

    128652_12253_CRAE WP200907 Bloch Schumpeter_s Contribution to Price Theory.pdf (89.25Kb)
    Access Status
    Open access
    Authors
    Bloch, Harry
    Date
    2009
    Type
    Working Paper
    
    Metadata
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    Citation
    Bloch, Harry. 2009. Schumpeter's contribution to price theory, Centre for Research in Applied Economics Working Paper Series No. 200907, Curtin University of Technology, School of Economics and Finance.
    Faculty
    Curtin Business School
    School of Economics and Finance
    URI
    http://hdl.handle.net/20.500.11937/33664
    Collection
    • Curtin Research Publications
    Abstract

    Schumpeter distinguishes between the circular flow of economic activity and economic development. The former is characterised by equilibrium, while the latter involves discontinuous change. The price theory that Schumpeter associates with the circular flow is the well established Walrasian price system. However, the price theory which Schumpeter proposes for economic development is only partially developed in writings and has been largely ignored since. Yet, it is the analysis of economic development that constitutes Schumpeter's enduring contribution to economic thought. This paper provides a critical examination of Schumpeter's price theory as it applies when there is economic development and provides some suggestions for further development of the theory.

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