The Theory of Economic Development by Joseph Schumpeter

Set Up
In his 1934 book, The Theory of Economic Development, economist Joseph Schumpeter defined entrepreneurship this way (emphasis added):
To produce means to combine materials and forces within our reach. To produce other things, or the same things by a different method, means to combine these materials and forces differently. . . . Development [or entrepreneurship] in our sense is then defined by the carrying out of new combinations.
Schumpeter was clear that his definition did not include the idea of invention in the idea of innovation/entrepreneurship. He wanted to focus on the idea that entrepreneurship meant the recombination of existing resources (means of production) in new ways that created greater economic value.
Economists Thorbjorn Knudsen and Richard Swedberg in an article titled “Capitalist Entrepreneurship: Making Profit through the Unmaking of Economic Orders” (in Capitalism and Society, Vol. 4, No. 2, Article 3, 2009) expounded on Schumpeter’s definition this way (p. 8):
Schumpeter says that not only a whole economy but also an enterprise may be conceptualized as a combination (Schumpeter, 1934:14). This makes us think that a national or industrial economy may also be viewed as combinations. By looking at things in this way we get combinations within combinations, suggesting new ways of interpreting Schumpeter’s idea that entrepreneurship and combinations are closely related.
This way of looking at things indicates why there are almost always unrealised innovations in the economy. A realistic view of what we may call the entrepreneurial matrix suggests a nesting of hundreds and thousands of subcomponents. Because of the combinatorial explosion, the space of possible innovations to be realised would very quickly grow to include more elements than the number of stars in the universe. The space of possibilities is truly enormous; and there is always hope for the entrepreneur. But since there is also the fact that new ideas are, on average, bad ones, most entrepreneurs will end up disappointed.
Essay
Using the imagery of “combinations within combinations” as an organizing framework, craft a concise 3-4 page (double-spaced) essay that explains how the following ideas can fit together into a self-consistent, mutually-reinforcing system:
 Steven Johnson’s idea that: “openness and connectivity may, in the end, be more valuable to innovation than purely competitive mechanisms.”
 Steven Johnson’s description of the idea of “the adjacent possible” and what it implies about innovation. (Why is it “as much about limits as it is about openings”?)
 Schumpeter’s idea of “creative destruction,” as explained by Cox and Alm.
 Mises’ arguments about the social function of profit and loss.
 Boudreaux’s arguments about the informational role of prices.

Are you looking for a similar paper or any other quality academic essay? Then look no further. Our research paper writing service is what you require. Our team of experienced writers is on standby to deliver to you an original paper as per your specified instructions with zero plagiarism guaranteed. This is the perfect way you can prepare your own unique academic paper and score the grades you deserve.

Use the order calculator below and get ordering with idealtermpapers.com now! Contact our live support team for any assistance or inquiry.

Type of paper Academic level Subject area
Number of pages Paper urgency Cost per page:
 Total:

Purchase Guarantee

Why ORDER at IdealTermPapers.com?

  • Educated and experienced writers.
  • Quality, Professionalism and experience.
  • Original Content writing.
  • Best customer support.
  • Affordable Pricing on orders.
  • Thorough research.
  • Ontime delivery of finished work.
  • 100% plagiarism free papers.

Reasonable Prices

  • To get the best quality papers isn’t cheap so don’t trust extremely low prices.
  • We can’t claim that we have unreasonably low prices because low prices equal to low quality.
  • Our prices are good and they balance with the quality of our work.
  • We have a Moneyback guarantee.

Original and Quality work

  • Our writers are professionals and they write your paper from scratch and we don’t encourage copy pasting.
  • All writers are assessed and they have to pass our standards for them to work with us.
  • Plagiarism is an offence and it’s never tolerated in our company.

Native Writers plus Researchers

  • Our writers are qualified and excellent and will guarantee the best performance in your order.
  • Our team has writers who have master's and PhD qualifications who can handle any assignment
  • We have the best standards in essay writing.

We have been in business for over 7 syears

  • We have always served our customers from all over the world and they have continued to order with us.
  • We value our customers since they have trusted us to do their assignments.
  • We are competent in our writing gained from experience over the years
  • Our company has 24/7 Live Support.

You will get

  •  Custom Admission Essay written by competent professional English writers.
  •  Free revisions according to our revision policy if required
  •  Paper format:  275 words per page, Times New Roman font and size 12, doublespaced text and1 inch margin
  •  On time delivery and direct order download
  •  Privacy guaranteed

We can help you:

  •  acquire a comprehensive professional presentation.
  •  get a unique and remarkable content as per your instructions.
  •  Get an additional portion that can be included to your existing presentation;
  •  turn your work in to an eyecatching presentation with well communicated ideas.
  •  improve your presentation to acquire the best professional standards.