Prices in Motion: Towards a Schumpeterian Price Theory
To Schumpeter, endogenous development is an essential characteristic of capitalism that disrupts the equilibrium of the circular flow of the economy. Price equilibrium in the circular flow is displaced by an analysis of prices in motion. The diversion of productive inputs from their existing employm...
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| Format: | Journal Article |
| Published: |
2016
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| Online Access: | http://hdl.handle.net/20.500.11937/9266 |
| _version_ | 1848745899522523136 |
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| author | Bloch, Harry |
| author_facet | Bloch, Harry |
| author_sort | Bloch, Harry |
| building | Curtin Institutional Repository |
| collection | Online Access |
| description | To Schumpeter, endogenous development is an essential characteristic of capitalism that disrupts the equilibrium of the circular flow of the economy. Price equilibrium in the circular flow is displaced by an analysis of prices in motion. The diversion of productive inputs from their existing employment through competition from entrepreneurs and the process of creative destruction both impact on prices throughout the economy and generate business cycles. While Schumpeter's theory of the business cycle and, implicitly, his price theory, have been heavily criticized, this article suggests a way forward to a revised theory of prices in motion. |
| first_indexed | 2025-11-14T06:24:41Z |
| format | Journal Article |
| id | curtin-20.500.11937-9266 |
| institution | Curtin University Malaysia |
| institution_category | Local University |
| last_indexed | 2025-11-14T06:24:41Z |
| publishDate | 2016 |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | curtin-20.500.11937-92662017-09-13T15:35:35Z Prices in Motion: Towards a Schumpeterian Price Theory Bloch, Harry To Schumpeter, endogenous development is an essential characteristic of capitalism that disrupts the equilibrium of the circular flow of the economy. Price equilibrium in the circular flow is displaced by an analysis of prices in motion. The diversion of productive inputs from their existing employment through competition from entrepreneurs and the process of creative destruction both impact on prices throughout the economy and generate business cycles. While Schumpeter's theory of the business cycle and, implicitly, his price theory, have been heavily criticized, this article suggests a way forward to a revised theory of prices in motion. 2016 Journal Article http://hdl.handle.net/20.500.11937/9266 10.1111/meca.12119 fulltext |
| spellingShingle | Bloch, Harry Prices in Motion: Towards a Schumpeterian Price Theory |
| title | Prices in Motion: Towards a Schumpeterian Price Theory |
| title_full | Prices in Motion: Towards a Schumpeterian Price Theory |
| title_fullStr | Prices in Motion: Towards a Schumpeterian Price Theory |
| title_full_unstemmed | Prices in Motion: Towards a Schumpeterian Price Theory |
| title_short | Prices in Motion: Towards a Schumpeterian Price Theory |
| title_sort | prices in motion: towards a schumpeterian price theory |
| url | http://hdl.handle.net/20.500.11937/9266 |