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In this book, Joseph Schumpeter recognized the implication of a gold monetary standard compared to a fiat monetary standard. In History of Economic Analysis, Schumpeter stated the following: "An 'automatic' gold currency is part and parcel of a laissez-faire and free-trade economy. It links every nation's money rates and price levels with the ...
Capitalism, Socialism, and Democracy is a book on economics, sociology, and history by Joseph Schumpeter, arguably his most famous, controversial, and important work. It's also one of the most famous, controversial, and important books on social theory, social sciences, and economics —in which Schumpeter deals with capitalism, socialism, and creative destruction.
The expression "creative destruction" was popularized by and is most associated with Joseph Schumpeter, particularly in his book Capitalism, Socialism and Democracy, first published in 1942. Already in his 1939 book Business Cycles , he attempted to refine the innovative ideas of Nikolai Kondratieff and his long-wave cycle which Schumpeter ...
Kondratiev's ideas were taken up by Joseph Schumpeter in the 1930s. The theory hypothesized the existence of very long-run macroeconomic and price cycles, originally estimated to last 50–54 years. In recent decades there has been considerable progress in historical economics and the history of technology, and numerous investigations of the ...
e. World-systems theory (also known as world-systems analysis or the world-systems perspective) [3] is a multidisciplinary approach to world history and social change which emphasizes the world-system (and not nation states) as the primary (but not exclusive) unit of social analysis. [3] World-systems theorists argue that their theory explains ...
The labor theory of value ( LTV) is a theory of value that argues that the exchange value of a good or service is determined by the total amount of "socially necessary labor" required to produce it. The contrasting system is typically known as the subjective theory of value . The LTV is usually associated with Marxian economics, although it ...
Following the extensive setbacks to independent working class politics, the widespread destruction both of people, property and capital value, the 1930s and '40s saw attempts to reformulate Marx's analysis with less revolutionary consequences, for example in Joseph Schumpeter's concept of creative destruction and his presentation of Marx's ...
An entrepreneur ( French: [ɑ̃tʁəpʁənœʁ]) is an individual who creates and/or invests in one or more businesses, bearing most of the risks and enjoying most of the rewards. [1] The process of setting up a business is known as "entrepreneurship". The entrepreneur is commonly seen as an innovator, a source of new ideas, goods, services ...
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