In a tribute to Joseph A. Schumpeter, a great figure in the
history and development of economics, this work brings together for
publication his brilliantly crafted lectures delivered more than a
century ago. In "The Nature and Essence of Economic Theory," now
available for the first time in the English language, the reader
will find absolute dedication to the search for an economic
science, apart from and in rejection of moral or political
dogma.
"The Nature and Essence of Economic Theory" works out what
people should think of pure economics, what its nature is, what its
methods and findings are, and where thought takes off from there.
The book shows the limitations and weaknesses of nineteenth-century
economics and how the field could be and was improved. To convey
his arguments, Schumpeter uses certain axioms that form a
consistent, self-contained system and show its value, and also how
far a sound economics is based on facts and events rather than
presuppositions or definitions. Schumpeter, along with others,
introduced a fundamental differentiation between "statics" and
"dynamics" in the economy.
Schumpeter's larger aim, beyond a pedagogic tool, was to deduce
changes of the events in the market, trade, and exchange of goods
and services. He called his equilibrium model "explanation" in a
world without undue surprises. He defined the task of economy as
the description of the system and its change tendencies. If that
can be achieved unequivocally, without resorting to doctrine or
dogma, then the field can be considered self-contained.
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