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The Grand Pursuit of Alfred Marshall and Joseph Schumpeter: The Firm, the Entrepreneur, and Economic Growth1
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Journal Article
The Grand Pursuit of Alfred Marshall and Joseph Schumpeter: The Firm, the Entrepreneur, and Economic Growth1
2013
Overview
In Jane Austen's lifetime, the typical Englishman was hardly better housed, fed, or clothed than the average Roman slave (Clarke 2009, chap. 1). His average caloric intake was lower than that of a member of a modern hunter-gatherer tribe. But by the time Charles Dickens wrote \"A Christmas Carol\" in 1843, something extraordinary was happening. The modern economic miracle was beginning. After nearly a hundred years of industrial revolution and expanding trade, production was expanding faster than population. Most of people associate the theory of innovation with the towering genius of Joseph Schumpeter, the glamorous Viennese lawyer, banker, politician, and professor of economics who cast the entrepreneur as the hero of the story of modern economic growth. It turns out, however, that Schumpeter was actually playing a duet with the far less famous, not at all flamboyant figure of Alfred Marshall.
Publisher
University of Pennsylvania Press
