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Emil Lederer and Joseph Schumpeter on Economic Growth, Technology and Business Cycles

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  • Panayotis Michaelides
  • John Milios
  • Angelos Vouldis
  • Spyros Lapatsioras
Abstract
This paper compares Joseph Schumpeter and Emil Lederer with respect to their visions concerning the notions of economic growth, technology and business cycles. Their theoretical investigations in a number of thematic areas seem to converge to similar views. More precisely, both Schumpeter and Lederer regard the capitalist economy as a dynamic system where the introduction of innovations is its distinctive characteristic. In such a system, static analysis based on the concept of equilibrium is useful as an expository device to describe the adjustment mechanisms of the economic system. They also paid attention to the emergence of large oligopolistic firms and considered this development as being interwoven with technological progress. Both economists used similar arguments to emphasize the link between economic development and technological change. In their analyses, Schumpeter and Lederer referred to psychological factors motivating the entrepreneur, in order to explain the forces that set in motion the process of innovation and thus economic development. The concept of technological unemployment is also described in a similar manner by both of them. Regarding the issue of business cycles, Schumpeter and Lederer considered them to be a result of endogenous processes within a capitalist economy. Lederer in his late works, argued in a way analogous to Schumpeter, that economic fluctuations are caused from the disruptions created by innovations, which are introduced discontinuously into the economic system. Conclusively, Schumpeter and Lederer delivered theses which are similar in scope and conclusions probably because they were developed in the same social, political, theoretical and ideological environment and were also well acquainted with each other’s ideas.
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  • Panayotis Michaelides & John Milios & Angelos Vouldis & Spyros Lapatsioras, 2010. "Emil Lederer and Joseph Schumpeter on Economic Growth, Technology and Business Cycles," Forum for Social Economics, Springer;The Association for Social Economics, vol. 39(2), pages 171-189, July.
    • Handle: RePEc:spr:fosoec:v:39:y:2010:i:2:p:171-189
    DOI: 10.1007/s12143-009-9032-2
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    1. Michaelides, Panayotis G. & Milios, John G., 2004. "Hilferding's Influence on Schumpeter : A First Discussion," MPRA Paper 74462, University Library of Munich, Germany.
    2. Allgoewer, Elisabeth, 2003. "Emil Lederer: Business Cycles, Crises, and Growth," Journal of the History of Economic Thought, Cambridge University Press, vol. 25(3), pages 327-348, September.
    3. Claude Diebolt, 2006. "Progrès technique et cycles économiques dans la pensée allemande de l’entre-deux-guerres : l’apport d’Emil Lederer," Working Papers 06-09, Association Française de Cliométrie (AFC).
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    7. Michaelides, Panayotis G. & Milios, John G., 2005. "The Influence of the German Historical School on Schumpeter," MPRA Paper 74471, University Library of Munich, Germany.
    8. Nicolò De Vecchi, 1995. "Entrepreneurs, Institutions And Economic Change," Books, Edward Elgar Publishing, number 129.
    9. Harald Hagemann, 2004. "The German Historical Approach To Economics," Research in the History of Economic Thought and Methodology, in: A Research Annual, pages 399-411, Emerald Group Publishing Limited.
    10. Panayotis G. Michaelides & John G. Milios, 2009. "Joseph Schumpeter and the German Historical School," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 33(3), pages 495-516, May.
    11. John Milios & Dimitris P. Sotiropoulos, 2009. "Capitalist Mode of Production and Monopolies," Palgrave Macmillan Books, in: Rethinking Imperialism, chapter 6, pages 112-120, Palgrave Macmillan.
    12. Gottfried Haberler, 1950. "Joseph Alois Schumpeter 1883–1950," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 64(3), pages 333-372.
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    1. Angelos T. Vouldis & Panayotis G. Michaelides & John G. Milios, 2012. "Emil Lederer’s Theory of Economic Fluctuations and the Role of Financial Institutions," Forum for Social Economics, Taylor & Francis Journals, vol. 41(1), pages 30-45, April.
    2. Panayotis G. Michaelides & John G. Milios & Angelos Vouldis & Spyros Lapatsioras, 2010. "Heterodox influences on Schumpeter," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 37(3), pages 197-213, February.
    3. Ioannis Katselidis & Angelos Vouldis & Panayotis G. Michaelides, 2011. "Sumner Slichter and Emil Lederer on technological unemployment," International Journal of Social Economics, Emerald Group Publishing Limited, vol. 38(6), pages 537-556, May.
    4. Michaelides, Panayotis G. & Theologou, Kostas, 2009. "Joseph Schumpeter and Gabriel Tarde on Technological Change and Social Evolution," MPRA Paper 67189, University Library of Munich, Germany.

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