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Creative Destruction or Deficit Spending: Schumpeter Vs Keynes

Author(s)

Manuela Ciani Scarnicci , Antonella Laino ,

Download Full PDF Pages: 22-26 | Views: 1091 | Downloads: 349 | DOI: 10.5281/zenodo.3490294

Volume 7 - December 2018 (12)

Abstract

The Schumpeterian hypothesis tells us that there is a close relationship between innovation and market structure: only companies that have market power, at best the monopolist, can support the costs related to innovation, indeed, is the innovation itself determines that a monopoly position, the defense of which brings further innovation a virtuous circle. Also, after 2008 a lot of economists of the past made a comeback. Indeed, after this phase, everybody acclaimed John Maynard Keynes’s theories (1883-1946). The crisis of 2011, with strong budgetary deficits of different countries, neglected Keynes’s theories, not because these ones are wrong, but only because at the moment, they lack in applicability. In today’s world, we need pragmatism. An author, on the other hand, who should be considered to urge the economy during this new crisis is Joseph Alois Schumpeter (1883-1950). 

Keywords

Schumpeterian hypothesis, innovation, monopoly, deficit spending

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