Markets, Productivity, and Happiness in a Historical Perspective

Schumpeter’s Central Question : the Dynamics of Novelty

Velardo Tristan, CNRS CLERSÉ

At the core of Schumpeter’s theory lies innovation as the driving force of capitalism. However, he has constantly broadened his themes beyond the question of innovations. Our paper aims to demonstrate that there is in Schumpeter’s work a “central question” which unites the corpus: the dynamics of novelty. The novelty appears as the fundamental questioning of all of Schumpeter’s contributions. Thus, the theory of innovation is in fact only a particular application to the sphere of economy of the much broader question of novelty, the scope of which is intended to be valid for all areas such as art, morals, science. This paper shows how Schumpeter applies the general framework of novelty to the areas of science and democracy.

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Keywords: Novelty; Schumpeter; Science; Democracy; Economic Philosophy

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