Tag: Schumpeter; Creative Destruction

Palmerston, Kondratieff and Me. Long waves in British financial markets.

The Victorian statesman Lord Palmerston once observed of the Schleswig-Holstein question that it was so complex that only three men had ever fully understood it. One of them had gone mad, the second had since sadly died, and the third was himself – but it was so long ago that he had completely forgotten the …

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Kondratieff, Schumpeter and the Outlook for 2015

Thirty years ago, my book The Age of illusions (1983) contained an exposition of the long waves in economic life, first identified by the Russian economist Nikolai Kondratieff during the 1920s. Kondratieff’s thesis was that long waves lasting approximately half a century each occur in the economic activity of capitalist economies. These waves have two …

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Schumpeter, Creative Destruction and the Regeneration of the Banking System

As a young man, Joseph Schumpeter said he had three ambitions in life – to become the finest horseman in Vienna, the greatest lover in Austria, and the most brilliant economist in the world.  In later years, he confessed to being disappointed that he had only realised two of his three goals. He did not …

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