Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade

  • Turan Yay Yeditepe University, Department of International Trade and Business, Turkey
  • Gülsün Gürkan Yay Yildiz Technical University, Department of Economics, Turkey

Abstract

Joseph A. Schumpeter suggested two models about the evolution process of capitalist societies. The article aims to specify the essential roles of these models in discussions about the modern firm theories and the development of integrated economic growth and international trade theory. In this context, this article aims to evaluate these developments and point out their role in bridging the gap between microeconomics and macroeconomics. The Schumpeterian framework, as a bridge, provides us a very productive base to discuss the connections among entrepreneurs, firms, innovation, economic growth, and international trade.

JEL: B310, E140, D21, O310.

Keywords: Joseph A. Schumpeter, Schumpeterian growth and trade models, Capabilities/Evolutionary Approach in Firm Theory, Entrepreneurship and technological innovation.

How to Cite
Yay T., & Yay G.G. (2022). Joseph A. Schumpeter and Schumpeterian Paradigm on the Dynamics of Capitalism: Entrepreneur, Innovation, Growth, and Trade. Panoeconomicus, Advance online publication, 1-36. doi:10.2298/PAN200913001Y
Section
Original scientific paper