Schumpeterian business cycles: past, present and future

Schumpeterian business cycles: past, present and future

Peer-reviewed article not indexed in WoS or Scopus

This paper uses the theoretical framework developed by Joseph A. Schumpeter to examine the contemporary kinds of innovations and this way, contribute in searching for the next major one. Schumpeter in his theory of the economic development criticised authors who based the explanation of economic theory on equilibrated state because there are always dynamic processes in economy which cannot be described this way. So he came with an entrepreneur and his role, importance and impact on the business cycles. Actually, the business cycles are the most important contribution to the economic theory. He processed three types of waves with graduated impact on economy and showed that superimposition of those waves leads to explanation as well as certain kind of prediction of development in real economy. The paper closer refreshes Schumpeter's theory and tries to help in searching for the next wave with major impact on economy. Once, when this major wave will be definitively recognised there can be taken some actions to take advantage of it.

This paper uses the theoretical framework developed by Joseph A. Schumpeter to examine the contemporary kinds of innovations and this way, contribute in searching for the next major one. Schumpeter in his theory of the economic development criticised authors who based the explanation of economic theory on equilibrated state because there are always dynamic processes in economy which cannot be described this way. So he came with an entrepreneur and his role, importance and impact on the business cycles. Actually, the business cycles are the most important contribution to the economic theory. He processed three types of waves with graduated impact on economy and showed that superimposition of those waves leads to explanation as well as certain kind of prediction of development in real economy. The paper closer refreshes Schumpeter's theory and tries to help in searching for the next wave with major impact on economy. Once, when this major wave will be definitively recognised there can be taken some actions to take advantage of it.

Schumpeter, Business cycles, Schumpeterian waves, Kondratieff wave, entrepreneur

Schumpeter, Business cycles, Schumpeterian waves, Kondratieff wave, entrepreneur

TICHÝ, O.

2012

28.04.2011

1822-6515

Economics and management-2007

2011

16

Republic of Lithuania

1068

1074

7