Annual lecture series where world renowned scholars belonging to the Schumpeterian strand of economics present their research.
Summaries from previous Schumpeter Lectures:
Swedish Schumpeter Lecture 2015: Mirjam van Praag
Swedish Schumpeter Lecture 2014 Deirdre McCloskey
Swedish Schumpeter Lecture 2013 Philippe Aghion
Swedish Schumpeter Lecture 2011 William Gartner
Joseph Alois Schumpeter (1883-1950), was born in present day Czech Republic but started his academic career in Vienna. In 1911 Schumpeter became the youngest professor of economics in the history of the Austrian-Hungarian Empire. He presented heavily contested and novel ideas for his time, a time that was dominated by neo-classical economic theories, and was also the scholar that first brought the entrepreneur into the economic analysis.
The early Schumpeter identified the entrepreneur as the central driving force of a dynamic economy. The entrepreneur is a key factor in the ever present process of economic change and necessary renewal. According to Schumpeter, the entrepreneur created growth and innovation through the discovery of new possibilities and risk-taking. Most important for economic development was not growth in already existing products and services but innovation and transformation that permanently change the economic ecosystem. The new should replace the old. This tension, known as creative destruction, was a main focus in Schumpeter’s scholarship.
The Schumpeterian model is not based on equilibrium but on a constant destruction thereof through entrepreneurship and innovation. In this dynamic interplay between the old and the new, the innovative entrepreneur is the agent of change that ultimately drives economic growth. In his later work, Schumpeter attributed large firms a more important influence on the economy.