Publication detail

Schumpeterian business cycles: past, present and future

TICHÝ, O.

Original Title

Schumpeterian business cycles: past, present and future

Type

journal article - other

Language

English

Original Abstract

This paper uses the theoretical framework developed by Joseph A. Schumpeter to examine the contemporary kinds of innovations and this way, contribute in searching for the next major one. Schumpeter in his theory of the economic development criticised authors who based the explanation of economic theory on equilibrated state because there are always dynamic processes in economy which cannot be described this way. So he came with an entrepreneur and his role, importance and impact on the business cycles. Actually, the business cycles are the most important contribution to the economic theory. He processed three types of waves with graduated impact on economy and showed that superimposition of those waves leads to explanation as well as certain kind of prediction of development in real economy. The paper closer refreshes Schumpeter's theory and tries to help in searching for the next wave with major impact on economy. Once, when this major wave will be definitively recognised there can be taken some actions to take advantage of it.

Keywords

Schumpeter, Business cycles, Schumpeterian waves, Kondratieff wave, entrepreneur

Authors

TICHÝ, O.

RIV year

2011

Released

28. 4. 2011

ISBN

1822-6515

Periodical

Economics and management-2007

Year of study

2011

Number

16

State

Republic of Lithuania

Pages from

1068

Pages to

1074

Pages count

7

BibTex

@article{BUT73576,
  author="Ondřej {Tichý}",
  title="Schumpeterian business cycles: past, present and future",
  journal="Economics and management-2007",
  year="2011",
  volume="2011",
  number="16",
  pages="1068--1074",
  issn="1822-6515"
}