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dc.contributor.authorBloch, Harry
dc.identifier.citationBloch, 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.

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.

dc.publisherCentre for Research in Applied Economics, Curtin Business School
dc.titleSchumpeter's contribution to price theory
dc.typeWorking Paper
dcterms.source.seriesCentre for Research in Applied Economics Working Paper Series
curtin.accessStatusOpen access
curtin.facultyCurtin Business School
curtin.facultySchool of Economics and Finance

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