Markets, Productivity, and Happiness in a Historical Perspective

Of Monopolies and Creative Destruction How Schumpeterian is the ‘Schumpeterian Thesis’?

Yasar Ayse Gizem, Sciences Po

Joseph Alois Schumpeter (1883-1950) was thought of as a niche economist in his lifetime, but his name is no longer confined to universities. The term he coined to describe the innovation- centric nature of capitalism, ‘creative destruction’, is increasingly heard among start-ups, venture capitalists and in tech columns. Many concede that his is the correct vision of capitalism, and that he wasn’t given proper due in his lifetime in the shadow of Keynes and neoclassical economics.

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Keywords: Schumpeter

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