Schumpeter's Model Predicts Decay of Capitalism: What's Next for Society?
The article discusses Schumpeter's ideas on innovation and capitalism. It explores his views on technical change, economic growth, and the future of capitalism. Schumpeter believed that capitalism evolves through innovation but can also decay over time. The research compares Schumpeter's theories with those of other economists like Stiglitz and Keynes. Overall, the article delves into how technical change drives economic development and market structure, offering insights into the dynamics of modern economies.