The apparent contradiction between Schumpeter’s attachment to Walrasian equilibrium and his advocacy of a theory of cyclic economical movement was discussed. Also the economic role of institutions was investigated. I remain unconvinced of endogenous long cycles and with the theory of capitalist self-restoration. I think we can deduce better explanations of capitalist dynamics from the ideas of Marx and Keynes. In conclusion, the differences between Marx’s and Schumpeter’s views were discussed on capitalist crisis as regards the function of exogenous and endogenous variables are quite critical. Marx presents an endogenous theory of decline, in which accumulation is self-limiting. Schumpeter presents an endogenous theory of recovery, in which the entrepreneur and the financier combine forces to create an expansive virtuous circle.
Фриман Алан (Freeman Alan), профессор, Технологический университет Квинсленда, Австралия, e-mail: e-mail: firstname.lastname@example.org
- Desai, R. 2015. The value of history and the history of value. Manuscript.
- Duhem, P. 1908. To Save the Phenomena: essays on the concept of Physical Theory from Plato to Galileo. Chicago: University of Chicago Press.
- Fagerberg, J. 2003. Schumpeter and the Revival of Evolutionary Economics: an Appraisal of the Literature. Aldershot: Edward Elgar.
- Freeman, A. 2006. An Invasive Metaphor: the Concept of Centre of Gravity in Economics. Presented at the Association for Heterodox Economics, London <http://mpra.ub.uni-muenchen.de/6812/1/MPRA_paper_6812.pdf.
- Freeman, A. 2010. ‘The Economists of Tomorrow’. American Journal of Economics and Sociology, Wiley Blackwell, vol. 69(5), November, pp. 1591-1613.
- Freeman, A. 2014. ‘Schumpeter’s theory of self-restoration: a casualty of Samuelson’s Whig Historiography of science’. In Freeman, A., V. Chick and S. Kayatekin (eds). CJE Vol. 38 (3). Pp. 663-669.
- Freeman, A. 2015. What Causes Booms? In Bagchi, A. and A. Chatterjee (eds). Marxism: with and Beyond Marx. New Delhi: Routledge.
- Hodgson, G., U. Mäki and D. McCLoskey (originators). 1992. A Plea for a Pluralistic and Rigorous Economics. The American Economic Review 82(2).
- Keynes, J. 1971. The Collected Writings of John Maynard Keynes, Volume VII (theGeneral Theory).London: Macmillan.
- Kliman, A. 2007. Reclaiming Marx’s Capital: A Refutation of the Myth of Inconsistency. Lanham, MD.
- Kliman, A. A. Freeman, N. Potts, A. Gusev, and B. Cooney. The Unmaking of Marx’s Capital: Heinrich’s Attempt to Eliminate Marx’s Crisis Theory. SSRN: http://ssrn.com/abstract=2294134
- Mandel, E. 1995. Long Waves of Capitalist Development: a Marxist Interpretation. London: Verso.
- Mazzucato, M. 2013. The Entrepreneurial State. Anthem Press.
- Menshikov, S. 1989. The Long Wave as an Endogenous Mechanism . Proceedings of the International Colloquium on the “Long Wages of the Economic Conjuncture”, Brussels, January 12-14, 1989.
- Perez, C. 2002. Technological Revolutions and financial capital: the Dynamics of Bubbles and Golden Ages. Cheltenham: Elgar
- Robinson, Joan, The second theoretical crisis of economics , Presented to the conference of the American Economic Association, presided over by J. K. Galbratih, New Orleans 27 December 1971. In Collected Economic Papers IV.
- Samuelson, P. 1983. Marx, Keynes and Schumpeter. Eastern Economic Journal, Volume IX, no. 3, pp. 166-179.
- Samuelson, P. and W. Nordhaus. 1992. Economics (Fourteenth Edition). McGraw-Hill.
- Schumpeter, J. 1939a. Business Cycles. McGraw-Hill.
- Schumpeter, J. 1965. Capitalism, Socialism and Democracy. Unwin.