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Key Features of Schumpeter’s Theory of Economic Development

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The Political Economy of Innovation Development

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Abstract

The chapter reveals genesis and essence of Schumpeter’s theory of economic development; analyses its core methodological findings and gives theoretical grounds for proposition that only innovation development can be able to increase national added value; it highlights the conclusion that an economy based on reproduction and development of traditional production structure is unable to obtain substantial increase in national wealth. This chapter also analyses a less-known conceptual background of the Schumpeter’s innovation theory related to M.I. Tugan-Baranovsky’s ideas on the business cycle theory, as well as the Neo-Schumpeterian theory of technological paradigm, which has created a conceptual basis for a new methodological vision of the cyclical nature of economic development and the anti-crisis state policy.

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  1. National University of Kyiv-Mohyla Academy, Kyiv, Ukraine

    Iurii Bazhal

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  1. Iurii Bazhal
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Bazhal, I. (2017). Key Features of Schumpeter’s Theory of Economic Development. In: The Political Economy of Innovation Development. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-54852-4_3

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  • DOI: https://doi.org/10.1007/978-3-319-54852-4_3

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  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-319-54851-7

  • Online ISBN: 978-3-319-54852-4

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