Marshall and Schumpeter on Evolution: Economic Sociology of Capitalist Development

Front Cover\r......Page 1
Title Page\r......Page 4
Copyright......Page 5
Contents......Page 6
TABLES......Page 8
Contributors......Page 10
Introduction......Page 12
REFERENCES......Page 22
PART I \rVision and Method of Evolution\r......Page 24
1.1 INTRODUCTION......Page 26
1.2 THE FUNDAMENTAL IDEAS OF SCHUMPETERIAN EVOLUTION......Page 28
1.3 SCHUMPETERIAN EVOLUTION IN THE PHILOSOPHICAL PERSPECTIVE......Page 31
1.4 ROMANTICISM AND HISTORICISM IN SCHUMPETER......Page 33
1.5 KNOWLEDGE FORMATION BETWEEN VISION AND IDEOLOGY......Page 36
1.6 DASEIN BETWEEN STATICS AND DYNAMICS......Page 39
1.7 CONCLUSIONS......Page 43
REFERENCES......Page 44
2.1 PARTIAL EQUILIBRIUM ANALYSIS AS A MODEL FOR PIECEMEAL EVOLUTION......Page 47
2.2 EVOLUTION BY INNOVATION AND STANDARDIZATION AND THE ROLE OF VARIATION BY DESIGN......Page 49
2.3 SOCIAL EVOLUTIONARY DEVICES......Page 53
2.4 THE LIMITS OF ECONOMIC SCIENCE......Page 55
REFERENCES......Page 56
3.1 INTRODUCTION......Page 59
3.2 EARLY REACTIONS TO MARSHALL, 1908–31......Page 60
3.3 SCHUMPETER’S SEMI-CENTENNIAL APPRAISAL OF MARSHALL’S PRINCIPLES, 1941......Page 63
3.4 THE HISTORY OF ECONOMIC ANALYSIS......Page 65
3.5 CONCLUSIONS......Page 68
NOTES......Page 70
REFERENCES......Page 71
PART II \rSocial Science and Evolution......Page 74
4. On the relation between economics and sociology: Marshall and Schumpeter......Page 76
Marshall’s ‘Reasoned History of Man’......Page 77
Schumpeter’s Techniques of Economic Analysis......Page 82
Marshall, Social Organization and Economic Institutions......Page 86
Schumpeter, Forms of Organization and Institutions......Page 95
4.3 CONCLUSIVE REMARKS......Page 100
REFERENCES......Page 101
5. Marshall, Schumpeter and the shifting boundaries of economics and sociology......Page 104
MARSHALL AND THE GERMAN HISTORICAL SCHOOL......Page 105
MARSHALL’S DEFINITION OF ECONOMICS......Page 107
SCHUMPETER’S REACTION TO THE METHODENSTREIT AND HIS CONCEPTION OF ECONOMICS......Page 109
SCHUMPETER’S JOURNEY TO HARVARD......Page 114
THE RECASTING OF ECONOMICS AND SOCIOLOGY......Page 115
CONCLUSION: THE END OF THE PARSONS–ROBBINS CONSENSUS AND THE NEED FOR REDEFINITION......Page 120
NOTES......Page 121
REFERENCES......Page 122
INTRODUCTION......Page 127
SCHUMPETER......Page 128
MARSHALL......Page 132
HAYEK......Page 138
CONSEQUENCES: KNOWLEDGE AND EVOLUTION......Page 141
The Centrality of Knowledge......Page 142
Institutional Design......Page 147
Order versus Equilibrium......Page 149
CONCLUDING REMARKS......Page 150
NOTES......Page 151
REFERENCES......Page 152
PART III \rConceptions of Evolution\r......Page 156
From 1870 to 1914 (and Later)......Page 158
Historico-Ethical Approach......Page 159
Schumpeter on Marshall......Page 160
The Marshallian School of Industrial and Applied Economics......Page 162
Social Science as ‘Reasoned History of Man’......Page 164
Economic Reasoning (Measurability) and Ethical Judgement......Page 166
From Ethics to Economics......Page 168
Pigou: Professionalization of Welfare Economics......Page 170
Hobson: Economics of Human Welfare......Page 171
7.5 EPILOGUE: PLURALISM IN WELFARE ECONOMICS AND MARSHALL......Page 172
NOTES......Page 173
REFERENCES......Page 174
8.1 ECONOMIC THEORY AND THE LIMITS TO GROWTH......Page 177
8.2 CLASSICAL ECONOMISTS AND THE MISSING IDEA OF (CUMULATIVE) GROWTH......Page 179
8.2.1 A Divergent Dynamic between Population and Resources......Page 180
8.2.2 Economic Growth and Moral Constraints in the British Debate......Page 182
8.3.1 The Marshallian Recipe for Progress......Page 186
8.3.2.1 The theory of population......Page 187
8.3.2.2 The theory of diminishing returns in agriculture......Page 190
8.3.2.3 Progress and the idea of a stationary state......Page 191
8.4 CONCLUDING REMARKS......Page 192
NOTES......Page 193
REFERENCES......Page 195
9. Rebuilding Schumpeter’s theory of entrepreneurship......Page 199
THE TASK OF FINDING OUT MORE ABOUT SCHUMPETER’S THEORY OF ENTREPRENEURSHIP......Page 200
SCHUMPETERIAN IDEAS ON WHICH TO BUILD, PART 1......Page 203
SCHUMPETERIAN IDEAS ON WHICH TO BUILD, PART 2......Page 207
CONCLUDING REMARKS......Page 212
REFERENCES......Page 213
10.1 SCHUMPETER’S TWO DISTINCTIONS......Page 215
10.2 ANOTHER INNOVATION THEORY: ABBOTT PAYSON USHER......Page 218
10.3 SOCIOLOGY OF INVENTION: S.C. GILFILLAN AND R.K. MERTON......Page 221
10.4 TOWARDS RECASTING GROWTH THEORY......Page 225
10.5 SCHUMPETER’S SUPPORT OF ENTREPRENEURIAL HISTORY......Page 227
10.6 AFTER SCHUMPETER’S DEATH......Page 229
NOTES......Page 230
REFERENCES......Page 231
PART IV \rEvolution and Capitalism......Page 234
11.1 INTRODUCTION......Page 236
11.2 SCHUMPETER AND THE GERMAN HISTORICAL SCHOOL: THE ‘LOST SEVENTH CHAPTER’......Page 238
11.3 ECONOMIC EVOLUTION OR ECONOMIC DEVELOPMENT?......Page 239
11.4 SCHUMPETER’S TRIAD: INNOVATIONS, THE PIONEERING ENTREPRENEUR AND THE ROLE OF CREDIT......Page 240
11.5 FROM THE SIMPLE-CYCLE HYPOTHESIS TO THE THREE-CYCLE SCHEMA......Page 243
11.6 CONCLUDING REMARKS: SCHUMPETER’S INFLUENCE ON DEVELOPMENT ECONOMICS......Page 248
NOTES......Page 250
REFERENCES......Page 251
12.1 INTRODUCTION......Page 254
12.2 UNEMPLOYMENT IN THE THEORY OF ECONOMIC DEVELOPMENT......Page 256
12.3 UNEMPLOYMENT CLASSIFIED......Page 260
12.4 FRICTIONAL UNEMPLOYMENT IN BEVERIDGE, HICKS AND SCHUMPETER......Page 262
12.5 TECHNOLOGICAL UNEMPLOYMENT IN LEDERER, NEISSER AND SCHUMPETER......Page 265
12.6 CONCLUSION......Page 270
NOTES......Page 271
REFERENCES......Page 272
13.2.1 Context-Dependent Recognition......Page 275
13.2.2 The Firm as a Context......Page 276
13.3.1 Two Faculties of an Entrepreneur......Page 278
13.3.2 Sympathy and Loyalty to a Firm......Page 280
13.4.1 The Need for Economic Chivalry......Page 281
13.4.2 Public Opinion and Economic Chivalry......Page 283
13.5 SOCIAL CHOICE OF SOCIAL CONTEXTS?......Page 285
NOTES......Page 286
REFERENCES......Page 287
Index......Page 288